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New income tax bill to introduce ‘Tax Year’: No more confusion of FY, AY as new bill is likely to remove assessment year, previous year

The new Income Tax Bill is likely to introduce the concept of ‘Tax Year’ for the taxpayers. The concept of the tax year will replace the current concept of financial year (or previous year) and ...
Mathrubhumi English

New ‘Tax Year’ concept explained: What changes for salaried workers and small businesses

From April 2026, a new Income Tax Act will replace the complex 1961 law, promising simpler rules, easier filing and fewer ...