New ITR Forms Under Income Tax Act, 2025 By FY28: Pankaj Chaudhary

• New Income Tax Return (ITR) forms, based on the Income Tax Act, 2025, will be notified before the 2027-28 financial year.
• The Income Tax Act, 2025, enacted on August 21, replaces the 1961 Act and takes effect from April 1, 2026.
• The new legislation aims to simplify tax provisions, reduce legal word count, and make compliance easier for taxpayers.
• The Central Board of Direct Taxation (CBDT) is consulting with experts to redesign the ITR framework and all associated forms.
• Existing ITR forms under the 1961 Act will continue for the current financial year and for income earned in FY 2025-26.

Why It Matters: New Income Tax Act simplifies compliance for all taxpayers.