New ITR Forms Under Revised Act Before FY 2027-28: Pankaj Chaudhary

• Minister Pankaj Chaudhary confirmed new Income Tax Return (ITR) forms will be issued before FY 2027-28 under the latest Income Tax Act.
• The new Income Tax Act, passed in August 2025 and effective April 1, 2026, replaces the six-decade-long 1961 Act.
• The amended Act aims to simplify complicated clauses, reduce wordage, and make tax compliance easier for individuals and businesses.
• A CBDT committee is consulting tax experts and industry bodies to design simpler, more user-friendly ITR forms.
• Taxpayers will continue to use forms under the 1961 Income Tax Act for the upcoming 2026 filing.

Why It Matters: New tax forms under revised law will change how all citizens file returns.