Union Minister of State Pankaj Chaudhary. Picture Credit score: Sansad TV/ANI |Picture Credit score:
“The brand new Earnings Tax Return (ITR) types beneath the IT Act, 2025 might be notified earlier than monetary yr 2027-28,” Finance Minister Pankaj Chaudhary mentioned on Monday (December 8, 2025).
“The CBDT Committee on Simplification of ITR Varieties is in intensive session with tax consultants, institutional our bodies and discipline organizations within the IT sector,” he mentioned in a written reply in Parliament.
The Earnings Tax Act, 2025, enacted on August 21, will come into drive from the subsequent monetary yr beginning April 1, 2026.
The brand new regulation replaces the present Earnings Tax Act 1961 and simplifies the tax regulation, decreasing the language of the regulation and making it simpler to grasp.
Varied types relevant beneath the Earnings Tax Act, similar to quarterly tax deducted at supply (TDS) returns and ITR types, have all been reworked and the System Directorate is working with the tax coverage division to make the types taxpayer-friendly.
“The ITR types associated to the Earnings Tax Act, 2025 would require adjustments on account of the amendments to the Act made throughout Finances 2026, so the ITRs associated to the primary tax yr 2026-27 might be notified earlier than monetary yr 2027-28,” Chaudhary mentioned.
Chaudhary mentioned that with regard to ITR types for earnings earned within the present monetary yr (evaluation yr 2026-2027), consolidation and simplification of ITR types is in progress as they are going to be notified as per the provisions of the Earnings Tax Act, 1961.
