2025's Tax Reform: Simplifying the ITR Process
The Income Tax Act, 2025, set to replace the 1961 legislation, aims to simplify tax laws and forms. A committee is currently working on revising forms to be taxpayer-friendly. New ITR forms will align with amendments in the 2026 Budget and notify prior to the 2027-28 fiscal year.
- Country:
- India
The Income Tax Act, 2025, poised to replace the longstanding 1961 legislation, promises to streamline tax laws and reduce complexity.
A dedicated CBDT committee is spearheading the effort, consulting with industry experts and tax bodies to overhaul the existing income tax return (ITR) forms.
These changes aim to make the process more taxpayer-friendly, reflecting amendments in the upcoming 2026 Budget, with new ITR forms expected to be introduced before the 2027-28 fiscal year.
(With inputs from agencies.)
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