The Bombay Chamber of Commerce and Industry has welcomed the Government’s landmark Income-tax Act, 2025, which will replace the Income-tax Act, 1961 from April 01, 2026. The new law simplifies tax provisions, removes redundancies, and presents the statute in clear, accessible language while retaining the core policy framework.
The Chamber noted that the upcoming Budget offers an opportunity to refine the new Act before implementation, with measures to reduce litigation and ease compliance.
Key recommendations aim to:
Strengthen India’s private investment ecosystem
Provide tax certainty
Address procedural challenges
Minimise litigation
Enhance ease of doing business
These proposals, aligned with the Government’s policy of moderate progressive tax rates and minimal incentives, are positioned as tax enablers to support India’s vision of Viksit Bharat by 2047.