The Income Tax Bill 2025 has been introduced to replace the more than six-decade-old Income Tax Act 1961. With its proposed implementation from April 1, 2026 (Tax Year 2026-27), the New Bill aims to modernize and simplify India's tax legislation.

As India moves toward its vision of Viksit Bharat 2047, the Union Budget 2025-26 lays down a roadmap for sustainable growth, fiscal resilience, and business transformation. Against the backdrop of a dynamic global economy, this budget underscores the government’s commitment to structural reforms, investment-driven policies, and inclusive development.

Budget 2025 has focused on rationalization of TDS and TCS provisions. The new norms are directed towards easing compliance provisions for businesses and also aim at easing the procedure of tax payments by the taxpayers.

Global Capability Centers (GCC) have evolved from cost generators to strategic business enablers and value generators. During the initial stage, the majority of transactional activities, headcount, and budgets are off-shored under local governance with the aim of cost reduction. As GCCs grow over time, there is an increase in demand for service and for talent. Companies then shift from focusing…