New Delhi, February 8 (IANS). The Central Government has sought suggestions from the people on the new rules and forms to be made under the Income Tax Act 2025. These rules will come into effect from 1 April 2026.
The Finance Ministry informed on Sunday that to ensure participation of maximum people before finalizing the income tax rules and forms, their proposed draft has been uploaded on the official website.
CBDT (Central Board of Direct Taxes) said that the income tax rules and forms have been prepared as per the provisions of the Income Tax Act 2025, in which consultation has already been done at several levels. All concerned have been appealed to read these rules and forms carefully and give their suggestions, which will be considered before the final notification.
CBDT said that suggestions have been sought on four main points. These include simplifying language, reducing legal disputes, simplifying the tax process and identifying outdated or redundant rules and forms.
According to the Finance Ministry, to give suggestions, people will have to enter their name and mobile number, after which it will be verified through OTP. While giving the suggestion, it has to be clearly mentioned which rule, sub-rule or form number it is related to and which category it falls in among the four points mentioned above.
Finance Minister Nirmala Sitharaman had told on the budget day that the Income Tax Act 2025 will come into effect from April 1, 2026. He said that the new income tax forms have been prepared in such a way that common people can follow the tax rules without any hassle.
The new provisions include exemption on interest on insurance claims, zero deduction certificate for small taxpayers and extension of the last date for filing ITR to August 31 in unaudited cases.
The Finance Minister said that in July 2024, he had announced a complete review of the Income Tax Act 1961, which was completed in record time. Now the new Income Tax Act 2025 will come into effect from 1 April 2026 and its forms have been redesigned keeping in mind the convenience of the common people.
–IANS
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