The new Income-tax Act, 2025 replaced the 1961 Act from 1 April 2026, accompanied by simplified Rules and Forms notified earlier (final rules on transfer pricing, safe harbour, APA process, etc., effective April 1). This simplifies the direct tax framework, makes the new tax regime default, rationalizes TCS on scrap/minerals/LRS, treats share buybacks as capital gains, and introduces changes to virtual digital assets. GST compliance is also impacted indirectly via the broader tax overhaul.