« Top Headlines » Open DEMAT Account in 24 hrs  How are e-filing and e-payment of taxes different? Know details here  Income Tax return (ITR) filing 2024: What is Form 16, when is issue date and why is it crucial? Explained  Step-by-Step Guide To File Income Tax Return FY 2023-24  Income-tax filing: Should you file your returns in April or wait until July 31?  ITR Filing: 6 Ways to Get Exemption on Income Tax  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime «  Govt to roll out simpler tax rules... Indian, HPCL face service tax evasion charge... » New Income Tax Act to come into force from Apr 1, '08 September, 09th 2006 The government on Friday said the new simplified Income Tax Act is likely to come into force on April 1, 2008, replacing the existing Income Tax Act 1961. A report to simplify and rationalise the law relating to income tax, prepared by officials from Central Board of Direct Taxes, was presented to Finance Minister P Chidambaram on Friday. Chidambaram told reporters that the report is an exercise of the future and is not aimed at amending the existing Income Tax Act 1961. "This report is about a brand new income tax act, which if all goes well, will come into force from Apr 1, 2008, that is assessments made for 2009-10," he said. He said the new act will hopefully come into force from April 2008 subject to Parliament approving it "well in time"