New I-T rules, forms coming soon: CBDT Chairman

The CBDT would soon notify the required forms and rules, apart from a voluminous FAQ, before the implementation of the new Income Tax Act, 2025, from April 1, a top Government officer said on Wednesday. Speaking to PTI during a post-Budget interview, CBDT Chairman Ravi Agrawal said the proposals made for direct taxes by finance minister Nirmala Sitharaman on February 1 were a “continuum” of the exercise of “simplifying” the tax law and making it easier for the taxpayer.

“We will be issuing the new income tax forms and rules within February...They will be opened for stakeholder consultation too before the new Income Tax Act of 2025 gets implemented from April 1, 2026,” Agrawal said. He added that the Central Board of Direct Taxes (CBDT) was also “working on” preparing a set of frequently asked questions (FAQs) and a presentation on the new law, which will be available to the public as the regime goes into transition. Anticipating a huge rush of queries and issues during the first quarter (April-June) of the rollout of the Act, Agrawal said these presentations and FAQs will come in handy for both the taxpayer and the taxman (I-T officials).

Talking about the Budget 2026-27, the CBDT chief said the direct tax-related proposals announced should not be seen in “isolation”. “It should be seen as a continuum of this simplification exercise that is going on since July 2024, when the honourable FM (Sitharaman) had announced that we are going to have a comprehensive review of the Income Tax Act,” he said. CBDT Chairman Ravi Agrawal