New Delhi, Feb 8 (IANS) The government is seeking inputs from various stakeholders on the rules and forms in the Income-tax Act, 2025, which will come into effect from April 1, 2026, it was announced on Sunday.
Before the final notification of the Income Tax Rules and Forms, to encourage wider stakeholder participation, the proposed Income Tax Rules and Forms have been uploaded on the official website, according to Finance Ministry on Sunday.
“The corresponding Income-tax Rules and related Forms have been prepared after broad-based consultation to align with the provisions of the Income-tax Act, 2025. Stakeholders are encouraged to study the same and make suggestions, which will be compiled and considered for review before final notification,” said CBDT in its notification.
As part of a wider consultative process, the Central Board of Direct Taxes (CBDT) invites inputs and suggestions from stakeholders in the following four categories: Simplification of Language; reduction of Litigation; reduction of Compliance Burden and identification of Redundant/Obsolete Rules and Forms
Stakeholders can submit their inputs by entering their name and mobile number, followed by an OTP-based validation process. All suggestions should clearly specify the relevant provision of the proposed Income-tax Rules or the proposed Form no (including the specific rule, sub-rule, or form number) to which the recommendation pertains under the aforementioned four categories, informed the ministry.
Finance Minister Nirmala Sitharaman said on Budget Day that the Income Tax Act 2025 will come into effect from April 1, 2026 and the I-T forms have been redesigned such that ordinary citizens can comply without difficulty, ease of living.
The new measures include exemption on insurance interest awards, nil deduction certificates for small taxpayers, and extension of the ITR filing deadline for non-audit cases to August 31.
“In July 2024, I announced a comprehensive review of the Income Tax Act 1961 this was completed in a record time, and the Income Tax Act 2025 will come into effect from 1 April 2026. The forms have been redesigned such that ordinary citizens can comply without difficulty, ease of living,” she said.
–IANS
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