§ 530
Chapter XXIII — Miscellaneous
Act to have effect pending legislative provision for charge of tax
Income-tax Act, 2025
If no Central legislation is in place by 1 April of a tax year to impose income tax, the Income‑Tax Act continues to operate as if the most favourable provision – either the one that applied in the previous year or the one proposed in the current Bill – were in force.
The government also retains the power to withdraw exemptions previously granted to certain Union territories under section 294A.
📜 Official text of the section +
530. If on the 1st April in any tax year, provision has not yet been made by a Central
Act for the charging of income-tax for that tax year, this Act shall neverthe -
less have effect until such provision is so made, as if the provision in force in the
preceding tax year or the provision proposed in the Bill then before Parliament,
whichever is more favourable to the assessee, were actually in force.
Power to rescind exemption in relation to certain Union territories already
granted under section 294A of the Income-tax Act, 1961.
Plain-language summary — not the official text. Refer to the bare Act and confirm with a professional for your specific case.
Related sections
§ 499Certain transfers to be void§ 500Provisional attachment to protect revenue in certain cases§ 501Director or Director. Service of notice, generally§ 502Authentication of notices and other documents§ 503Service of notice when family is disrupted or firm etc., is dissolved§ 504Service of notice in case of discontinued business