Overview
- Minister of State for Finance Pankaj Chaudhary confirmed in a written reply to the Lok Sabha that notification of the new ITR forms will precede the 2027-28 fiscal year.
- ITR forms for the first tax-year under the new statute (2026-27) will be issued after reflecting changes arising from Budget 2026.
- The Income Tax Act, 2025 takes effect on April 1, 2026, replacing the Income Tax Act, 1961.
- For income earned in the current fiscal, ITRs for Assessment Year 2026-27 will be consolidated and notified under the 1961 law.
- CBDT and the Directorate of Systems are reworking ITR and TDS forms through extensive consultations to make filing more taxpayer-friendly.