The new income tax returns (ITR) form based on the I-T Act, 2025, will be notified prior to 2027-28 fiscal year, Minister of State for Finance Pankaj Chaudhary said on Monday.

The CBDT committee on simplification of ITR forms is carrying out extensive consultations with tax experts, institutional bodies, and field formations of the I-T Department, he said in a written reply in the Lok Sabha.

The Income Tax Act, 2025, enacted on August 21, will come into effect from next financial year, beginning April 1, 2026.

The new act will replace the existing Income Tax Act, 1961, and make tax laws simple and reduce wordage in the legislation making it easy to understand.

All the different forms applicable under the Income Tax Act, like TDS quarterly return form and ITR forms, are being reworked,

See Full Page