New Delhi, Nov 18 The Income Tax Department will notify new income‑tax return (ITR) forms and related rules under the streamlined Income Tax Act, 2025, by January, and the updated regulations be effective from April 1, 2026.
The updated regulations will mark the transition from the nearly six-decade old Income Tax Act of 1961, multiple reports cited Central Board of Direct Taxes chairman Ravi Agrawal as saying.
Agrawal said the department is designing the new forms keeping it simple and easy to comply and adapt to.
“We are in the process of designing the new forms and rules, and our aim is to notify them by January so that taxpayers have adequate time to adjust their systems and processes,” he was quoted as saying at the inauguration of Taxpayers' Lounge at the India International Trade Fair (IITF) here.
Analysts said that the current framework of the rules is largely drafted in traditional legal language making it hard to understand and interpret. They said new rules should use simplified language, include illustrations for valuation rules, and align form structure with revamped TDS provisions under the new Income-tax Act 2025.
The Taxpayers’ Lounge offer a wide range of assistance and interactive resources that help with PAN/e‑PAN applications, Aadhaar–PAN linking and resolving PAN-related queries.
Further, it will offer support for e‑filing, Form 26AS queries, TDS issues, guidance on international taxation, faceless assessment and appeals, and and other online filing issues.
Agrawal added that the Income Tax Department will release outstanding tax refunds by December. "We have analysed and found that some wrong refunds or deductions were being claimed so there is scrutiny, but we hope to release the remaining refunds by this month or December," he added.
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