LEGAL NEWS

New Income-Tax Act, 2025: A Shift Toward Simpler and Modern Taxation

• The new Income-Tax Act, 2025, approved in August 2025, will come into effect on April 1, 2026, replacing the I-T Act, 1961.

• It introduces a streamlined, modern framework aimed at simplifying compliance for taxpayers.

• The Act reduces complexity by cutting sections from 819 to 536 and chapters from 47 to 23.

• Total word count has been significantly lowered from 5.12 lakh to 2.6 lakh, making the law more concise.

• No change in tax rates has been made; only outdated and redundant provisions have been removed.

• The Act introduces 39 new tables and 40 formulas to improve clarity and ease of reference.

• A key update is the replacement of terms Assessment Year (AY) and Financial Year (FY) with a single term: ‘Tax Year’.

• This marks the first major overhaul since the 1961 Act, aiming for transparency, simplicity, and modern governance.

• The power to levy income tax (excluding agricultural income) is granted under Entry 82 of the Union List, as per the Seventh Schedule of the Indian Constitution.

NATIONAL NEWS

India's Strategic Leadership in AIBD Strengthens Regional Media Influence

• India was elected Chairman of the AIBD Executive Board in August 2025, marking a return to top leadership after nearly 10 years.

• The election took place during the 23rd AIBD General Conference held in Phuket, Thailand from 19–21 August 2025.

• India secured the highest number of votes among members, reflecting strong regional support.

• With this, India now holds dual leadership roles—Chairman of the Executive Board and President of the General Conference (till August 2025).

• Gaurav Dwivedi, CEO of Prasar Bharati, chaired the conference as the current AIBD President.

• The 2025 conference was themed “Media for People, Peace & Prosperity.”

• AIBD, founded in 1977 with UNESCO's support, brings together 92 organisations from 45 countries to promote broadcasting cooperation.

• As a founding member, India is represented by Prasar Bharati, its national public broadcaster.

SUMMIT AND CONFERENCE

SEMICON India 2025: Showcasing India's Semiconductor Ambitions

• The 4th edition of SEMICON India will kick off in New Delhi on 2nd September 2025, inaugurated by Prime Minister Narendra Modi.

• Held over three days, the event highlights India’s growing strength in microelectronics and the semiconductor ecosystem.

• For the first time, international pavilions from Japan, South Korea, Singapore, and Malaysia will be featured.

• More than 350 companies from 18 countries and regions will exhibit their latest innovations and technologies.

• Nine Indian states will actively participate, emphasizing regional contributions to the semiconductor mission.

• A special Semiconductor Design Startup Pavilion will spotlight emerging chip design ventures and drive innovation.

PM Modi's Japan-China Visit: Strengthening Strategic and Global Ties

• Prime Minister Narendra Modi will embark on a four-day visit to Japan and China from August 29 to September 1, 2025.

• He will attend the 15th Annual India-Japan Summit in Japan from August 29–30.

• This marks his eighth visit to Japan and first summit meeting with Japanese PM Shigeru Ishiba.

• Talks will focus on defense, trade, technology, innovation, and broader strategic cooperation.

• Leaders will also discuss key regional and global developments.

• On August 31, Modi will travel to Tianjin, China, to participate in the SCO Summit.

• He is expected to hold bilateral meetings with various global leaders during the summit.