CBDT to Notify Simplified ITR Forms by January Ahead of New Income Tax Act Rollout

This CAClubIndia article reports that the Central Board of Direct Taxes (CBDT) will release simplified Income Tax Return (ITR) forms by January in preparation for the rollout of the new Income Tax Act. The simplified forms are expected to streamline filing for individual and corporate taxpayers, reduce errors, and improve compliance. The initiative also aligns with the government’s digitalisation goals, ensuring taxpayers can adapt efficiently to the updated statutory framework and benefit from clarity in reporting income and deductions under the revised law.