AY Becomes TY (Tax Year) Under the New IT Act 2025 – Read the Complete Guide cover art

AY Becomes TY (Tax Year) Under the New IT Act 2025 – Read the Complete Guide

AY Becomes TY (Tax Year) Under the New IT Act 2025 – Read the Complete Guide

Listen for free

View show details

About this listen

 The Income Tax Act 2025 introduces a significant change by eliminating the 'Assessment Year' system and implementing a new Tax Year that begins on April 1, 2026. This reform aims to clarify the relationship between the year in which income is earned and the year in which it is taxed, addressing a long-standing source of confusion. Unlike the previous framework established under the 1961 Act, which differentiated between the Financial Year and the Assessment Year, the new approach creates a direct and transparent connection between income and the corresponding tax rates. This guide highlights key implications for taxpayers, emphasizing the streamlined filing process and the potential for reduced litigation resulting from clearer tax communications. https://saginfotech-ca-software.weebly.com/home/ay-ty-tax-year-new-it-act-2025

Hosted on Acast. See acast.com/privacy for more information.
No reviews yet
In the spirit of reconciliation, Audible acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today.