Minister of State for Finance Pankaj Chaudhary on Monday, December 8, confirmed that the new income tax returns (ITR) form will be issued before the financial year 2027-28 under the latest Income Tax Act. In a reply issued in the Lok Sabha, Chaudhary wrote: “Committee formulated by the CBDT on simplification of Income Tax Returns is carrying out extensive consultations with tax experts, institutional bodies, and field formations of the Income Tax Department."

The PM Narendra Modi-led Indian government rolled out the new Income Tax Act. Passed in the house on August 21, 2025, it will officially come into effect from April 1, 2026, replacing the six-decade-long 1961 Income Tax Act and its regulations.

It is in accordance with the amended act that the finance ministry will be issuing the ne

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