When Will The New ITR Forms Be Released? Govt Clarifies New ITR Form Deadline

New ITR Forms: The new Income Tax Return (ITR) forms as per the Income Tax Act 2025 will be notified in the financial year 2026-27 (FY27), reported PTI, quoting Minister of State for Finance Pankaj Chaudhary on Monday.

The Income Tax Act 2025, announced by Finance Minister Nimala Sitharaman this year, came into effect on August 21. It will come into force from April 1, 2026. The new I-T Act, set to replace the Income Tax Act, 1961, will simplify the I-T Act provisions, remove redundancies, and use less complicated language and terminology. The government plans to reduce legal wording so that taxpayers can read and understand provisions more clearly.

When Will The New ITR Forms Be Released?

The government will notify the new I-T forms under the I-T Act 2025 before the financial year 2027-28, stated Pankaj Chaudhary.

When Will New ITR Forms Be Applicable?

The new forms will apply for the first tax-year 2026-27.The plan links the notification schedule with changes that may be made during the Union Budget for 2026. "ITR forms relating to Income Tax Act, 2025, will require the changes in consequence of amendments to the said Act made during Budget, 2026, and, accordingly, ITRs pertaining to the first tax-year 2026-27 shall be notified prior to FY 2027-28," PTI quoted Chaudhary as saying.

New Income-Tax Act Key Dates

The new I-T Act was implemented on August 21, whereas it is scheduled to come into effect from April 1, 2026. Whereas, the first tax-year for the new ITR forms will be 2026-27. These new ITR forms will be notified before the financial year 2027-28.

With regard to ITR forms for income earned in current fiscal (Assessment Year 2026-27), Chaudhary said consolidation and simplification of the ITR forms are in process as they will be notified as per provisions of Income Tax Act, 1961.

All the different forms applicable under the Income Tax Act, like TDS quarterly return form and ITR forms, are being reworked, and the Directorate of Systems is working with the tax policy division to make the forms taxpayer- friendly.

The Central Board of Direct Taxes committee on simplification of ITR forms is holding wide consultations. Tax experts, institutional bodies, and field formations of the Income Tax Department are part of this exercise. The Directorate of Systems is working with the tax policy division to redesign every form, including TDS quarterly returns and ITR forms, with a focus on taxpayer-friendly layouts.