Mon Dec 08 22:20:00 UTC 2025: Here’s a summary and news article based on the provided text:

Summary:

India’s Minister of State for Finance, Pankaj Chaudhary, announced that new Income Tax Return (ITR) forms aligned with the Income Tax Act of 2025 will be released before the fiscal year 2027-28. The Income Tax Act of 2025, which received Presidential assent on August 21, 2025, will replace the existing Income Tax Act of 1961, aiming for simpler and more understandable tax laws. A Central Board of Direct Taxes (CBDT) committee is consulting with experts to create simplified, taxpayer-friendly ITR forms, including those for Tax Deducted at Source (TDS). The new ITR forms will reflect changes resulting from the Budget 2026 amendments. The process of simplifying ITR forms for the current fiscal year (Assessment Year 2026-27) is also underway, based on the provisions of the Income Tax Act, 1961.

News Article:

New ITR Forms Aligned with 2025 Tax Act Coming Before FY 2027-28

New Delhi, December 8, 2025 – The Indian government is gearing up to release updated Income Tax Return (ITR) forms that are in line with the forthcoming Income Tax Act of 2025. Minister of State for Finance, Pankaj Chaudhary, made the announcement today, stating that the new forms would be available prior to the fiscal year 2027-28.

The Income Tax Act of 2025, which is slated to come into effect on April 1, 2026, promises to simplify the nation’s tax laws by replacing the existing Income Tax Act of 1961. According to Chaudhary, the new act will focus on clarity and reduced complexity.

“The CBDT committee is diligently working with tax experts and related institutions to ensure the new ITR forms are taxpayer-friendly and easy to understand,” said Chaudhary in a written response in the Lok Sabha.

The changes will affect various forms, including Tax Deducted at Source (TDS) forms. The Directorate of Systems is collaborating with the tax policy division to ensure the forms meet the needs of taxpayers. The new ITR forms will incorporate changes resulting from Budget 2026 amendments.

The government is also working on streamlining ITR forms for the current fiscal year (Assessment Year 2026-27) under the provisions of the Income Tax Act, 1961. The move is expected to significantly ease the tax filing process for millions of Indians.

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