6 months ago
1
The I-T section volition by January notify the ITR forms and rules nether the simplified Income Tax Act, 2025, which volition travel into effect from adjacent fiscal opening April 1, Central Board of Direct Taxes (CBDT) main Ravi Agrawal said connected Monday (November 17, 2025).
The intent of the section is to support the I-T Return forms elemental to easiness compliance nether the caller law, which replaces the six-decade aged Income Tax Act, 1961, helium said.
"We are successful the process of designing forms and rules. We are moving towards putting this successful spot by January truthful that taxpayers person capable clip to accommodate their processes wrong their system," Mr. Agrawal told reporters aft launching the Taxpayers' Lounge astatine the India International Trade Fair (IITF).
The intent is to support the income taxation instrumentality (ITR) forms elemental for taxpayers to easiness compliance, helium added.
The Income Tax Act, 2025 was passed by Parliament connected August 12.
All the antithetic forms applicable nether the Income Tax Act, similar TDS quarterly instrumentality signifier and ITR forms, are being reworked, and the Directorate of Systems is moving with the taxation argumentation part to marque the forms taxpayer-friendly.
After vetting by the instrumentality department, the rules volition beryllium notified and laid earlier Parliament, an authoritative said.
The Income Tax Act, 2025 volition travel into effect from adjacent fiscal year, opening April 1, 2026. The caller Act volition marque taxation laws elemental and trim wordage successful the authorities making it casual to understand.
The caller authorities does not enforce immoderate caller taxation complaint and has lone simplified the language, which was required for knowing the analyzable income taxation laws.
The caller instrumentality removes redundant provisions and archaic connection and reduces the fig of sections from 819 successful the Income Tax Act of 1961 to 536 and the fig of chapters from 47 to 23.
The fig of words has been reduced from 5.12 lakh to 2.6 lakh successful the caller law, and it has introduced 39 caller tables and 40 caller formulas, replacing the dense substance of the 1961 law, to heighten clarity.
