ITR forms under new Income Tax Act to be notified prior to FY28: MoS Pankaj Chaudhary

Key Points

1. New Income Tax returns (ITR) form will be based on the I-T Act 2025.
2. The I-T Act 2025 will be notified prior to the 2027-28 fiscal year.
3. The Income Tax Act, 2025, was enacted on August 21, 2025.
4. The new Act will come into effect from April 1, 2026.
5. The new Act will replace the existing Income Tax Act, 1961.
6. The CBDT committee is consulting with tax experts to simplify ITR forms.
7. ITRs pertaining to the first tax-year 2026-27 shall be notified prior to FY 2027-28.