Repeal and savings. SCHEDULE I SCHEDULE II SCHEDULE III SCHEDULE IV SCHEDULE V SCHEDULE VI SCHEDULE VII SCHEDULE VIII SCHEDULE IX SCHEDULE X SCHEDULE XI SCHEDULE XII SCHEDULE XIII SCHEDULE XIV SCHEDULE XV SCHEDULE XVI
(1)
The Income-tax Act, 1961 is hereby repealed.
(2)
Irrespective of the repeal of the Income-tax Act, 1961 (hereinafter referred to as the repealed Income-tax Act), and subject to sub-section (3)— (a) affect the previous operation of the repealed Act and orders or anything duly done or suffered thereunder; or (b) affect any right, privilege, obligation or liability acquired, accrued or incurred under the repealed Act or orders under such repealed Act;
(c)
the provisions of the repealed Income-tax Act shall continue to apply to any proceedings (including notices, assessment, re-assessment, rectification, penalty, reference, revision and appeals) in respect of any tax year beginning before the 1st April, 2026 and such proceedings shall be carried out as per the procedure specified in the repealed Income-tax Act;
(d)
any proceeding for the imposition of a penalty in respect of any tax year beginning before the 1st April, 2026, may be initiated and any such penalty may be imposed under the repealed Income-tax Act, as if this Act had not been enacted;
(e)
any proceeding pending on the commencement of this Act before any income-tax authority or any other authority constituted under the repealed Income-tax Act, Appellate Tribunal, or any court, by way of application, appeal, reference or revision or by any other means, shall be continued and disposed of as if this Act had not been enacted;