Section 295 → Section 533
Power to make rules
Quick Answer
Section 295 of the Income Tax Act, 1961 (Power to make rules) corresponds to Section 533 of the Income-tax Act, 2025, effective 1st April 2026. Status: Retained.
What changed for Section 295
In the 1961 statute, Section 295 deals with power to make rules. Empowers the Central Board of Direct Taxes (CBDT) to make rules (Income-tax Rules) for carrying out the purposes of the Act.
From 1st April 2026, the same subject sits at Section 533 of the Income-tax Act, 2025 — retained and renumbered as Section 533 of the Income-tax Act, 2025. Retained. The bedrock for all Income Tax Rules, forms, valuation methods, and procedures.
For Section 295, the practical impact is rated Critical. Empowers the CBDT to keep the law agile.
Sec 295
Provision Summary
Empowers the Central Board of Direct Taxes (CBDT) to make rules (Income-tax Rules) for carrying out the purposes of the Act.
Sec 533
Provision Summary
Retained. The bedrock for all Income Tax Rules, forms, valuation methods, and procedures.
Key Changes & Highlights
- Specific new rule-making powers added for Virtual Digital Assets, Faceless Assessments, and algorithm-based valuations.
Frequently Asked Questions
What is Section 295 of the Income Tax Act, 1961 about?
Section 295 of the Income Tax Act, 1961 covers power to make rules. Empowers the Central Board of Direct Taxes (CBDT) to make rules (Income-tax Rules) for carrying out the purposes of the Act.
Which section replaces Section 295 in the Income-tax Act, 2025?
Section 295 of the Income Tax Act, 1961 maps to Section 533 of the Income-tax Act, 2025, effective 1st April 2026 (status: Retained). Retained. The bedrock for all Income Tax Rules, forms, valuation methods, and procedures.
What is the impact of the change to Section 295 under the new tax code?
The transition impact for Section 295 is rated Critical. Empowers the CBDT to keep the law agile.
What should I watch out for when Section 295 moves to the 2025 code?
Specific new rule-making powers added for Virtual Digital Assets, Faceless Assessments, and algorithm-based valuations. These points are specific to Section 295 (Power to make rules).
Disclaimer: This mapping of Section 295 (Power to make rules) to Section 533 of the Income-tax Act, 2025 is for educational and reference purposes only, based on publicly available drafts and circulars. As Section 295 is currently marked Retained, always confirm its treatment with a qualified Chartered Accountant before filing or making compliance decisions.
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