Govt: New ITR forms under I-T Act, 2025, to be notified before FY28

• New ITR forms, based on the Income Tax Act, 2025, will be notified before the 2027-28 fiscal year.
• The Income Tax Act, 2025, enacted on August 21, takes effect from April 1, 2026, replacing the 1961 Act.
• The new Act aims to simplify tax laws and reduce legislative wordage for easier understanding.
• A CBDT committee is consulting tax experts and bodies to simplify ITR forms, making them taxpayer-friendly.

Why It Matters: New tax forms are coming, simplifying the tax filing process.