Government Schemes and Policy · 27 December 2025

Income Tax Act 2025: New simplified Act to take effect from April 1

Exam-focused facts from the 27 December 2025 current affairs briefing.

Key facts

  • The new simplified Income Tax Act, 2025 will come into effect from April 1, replacing the over six-decade-old Income Tax Act, 1961.
  • No income tax will be payable on income of Rs 12 lakh a year under the new income tax regime.
  • GST rates were reduced on about 375 goods and services effective September 22, compressing the four-tier GST slab structure into two principal rates of 5 and 18 per cent, with a 40 per cent levy retained only for sin goods.

View this story in the full daily briefing

Earlier coverage selected by topic similarity to help connect developments over time.

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