Tax Year U/s Section 3 of New Income Tax Act 2025 | Assessment Year & Previous Year Remove from ITR

Описание: Tax Year U/s Section 3 of New Income Tax Act 2025 | Assessment Year & Previous Year Remove from ITR

The New Income Tax Act, 2025 has brought a major reform in income tax terminology by introducing the concept of “Tax Year” under Section 3. With this change, the traditional Assessment Year (AY) and Previous Year (PY) have been completely removed, making income tax law simpler and easier to understand.

In this video, we explain what Tax Year means, why Assessment Year and Previous Year have been abolished, and how this change impacts taxpayers, businesses, professionals, and students.

🔍 Topics Covered in This Video:

✅ What is Tax Year under Section 3
✅ Why Assessment Year & Previous Year are removed
✅ Comparison of old system vs new Tax Year system
✅ Practical examples for better understanding
✅ Impact on ITR filing, assessment & compliance
✅ Who will benefit from this change

This video is highly useful for:
📌 CA, CS, CMA & Tax Professionals
📌 Income Tax & GST Practitioners
📌 Students preparing for tax exams
📌 Business owners & salaried taxpayers

⚖️ Relevant Provision:

📖 Section 3 – New Income Tax Act, 2025

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DISCLAIMER
This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, chartered accountant, tax professional advisors as to the risks involved may be obtained and necessary due diligence, etc may be done at your end.