New Delhi, February 8: The central government has invited public suggestions regarding new rules and forms under the Income Tax Act of 2025. These regulations are set to take effect on April 1, 2026.
The Finance Ministry announced on Sunday that to ensure maximum public participation, the proposed draft of the income tax rules and forms has been uploaded to the official website.
The Central Board of Direct Taxes (CBDT) stated that these rules and forms have been developed in accordance with the provisions of the Income Tax Act of 2025, following extensive consultations. All stakeholders are encouraged to read the documents carefully and provide their feedback, which will be considered before the final notification is issued.
The CBDT has outlined four main areas for public suggestions: simplifying the language, reducing legal disputes, streamlining tax-related processes, and identifying outdated or unnecessary rules and forms.
According to the Finance Ministry, individuals wishing to submit suggestions must provide their name and mobile number, which will be verified via OTP. When submitting suggestions, it is essential to specify which rule, sub-rule, or form number is being referenced and categorize it under one of the four mentioned points.
Finance Minister Nirmala Sitharaman indicated on Budget Day that the Income Tax Act of 2025 will come into effect on April 1, 2026. She emphasized that the new income tax forms are designed to ensure that the general public can comply with tax regulations without difficulty.
The new provisions include exemptions on interest from insurance claims, zero deduction certificates for small taxpayers, and an extension of the deadline for filing income tax returns without audit to August 31.
The Finance Minister noted that in July 2024, she announced a comprehensive review of the Income Tax Act of 1961, which was completed in record time. The new Income Tax Act of 2025 will be implemented on April 1, 2026, with forms redesigned for public convenience.
My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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