New Income Tax Act: ITR forms to be issued prior to FY28, says govt

The new income tax returns (ITR) form under the Income Tax Act, 2025, will be released prior to 2027-28 financial year, Minister of State for Finance Pankaj Chaudhary said on Monday.

“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,” 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.

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