New income-tax rules to be notified by Dec-end, simplified forms for assessees in works: Official

The Income Tax department is working on simplified I-T forms and aims to notify new rules by December-end to give effect to the new I-T Act, which will come into force from April 1 next year, a senior tax official said on Monday.

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NEW DELHI:

CBDT member (Legislation) RN Parbat also said the department will come out with a fresh set of FAQs on the new Income Tax Act and come out with SoPs and guidance notes.

President Droupadi Murmu, on August 21, gave her assent to the Income-tax Act, 2025, which will replace the archaic Income Tax Act, 1961. The law was passed by Parliament on August 12.