Category Income Tax

The Income Tax Act, 2025 replaces the Annual Information Statement (AIS) known under the 1961 Act with Form No. 168. From Tax Year 2026-27 onwards, Form 168 is the comprehensive statement of all financial information reported to the Income Tax Department.

The Income Tax Act, 2025 has replaced the 1961 Act with effect from 1 April 2026. This article explains the new concept of 'Tax Year', the applicable income tax slabs under the default regime for Tax Year 2026-27, return filing provisions under Section 263 and what every taxpayer must know for the transition year.