Speaking to PTI, Central Board of Direct Taxes (CBDT) member (Laws) RN Parbat additionally stated the division will come out with a contemporary set of FAQs on the brand new Revenue Tax Act and are available out with SoPs and steering notes.
President Droupadi Murmu, on August 21, gave her assent to the Revenue-tax Act, 2025, which can exchange the archaic Revenue Tax Act, 1961. The legislation was handed by Parliament on August 12.
Explaning the subsequent set of processes earlier than the revenue tax division, Parbat stated CBDT is already engaged on formulating new guidelines and educating taxpayers, in addition to capability constructing of its officers, in order that they're ready to know and implement the brand new Act.
“The ideas being adopted for reframing the principles are the identical, which we've got adopted for the I-T Act. So, simplification of language will likely be there. The redundant guidelines and varieties will likely be faraway from the statute, and a contemporary algorithm and varieties will likely be relevant for the brand new Act,” Parbat added.
CBDT began work on framing the principles on February 13, 2025 — the day the Revenue Tax Invoice was launched in Parliament.The Board had constituted the ‘Guidelines and Kinds' committee beneath a Chief Commissioner rank officer.The committee has recognized redundancies, achieved public session and introduced the draft guidelines to the Tax Coverage & Laws (TPL) division of the CBDT. As soon as examined by the CBDT, the draft guidelines will likely be despatched to the Union Finance Minister for approval.After vetting by the legislation division, the principles will likely be notified and laid earlier than Parliament.
“The brand new I-T Act is coming into impact from April 1, 2026. So, our guidelines and varieties must be prepared in order that we can provide impact to the brand new Act. So, we will likely be getting ready them immediately. The foundations will likely be prepared by year-end, which is December 2025,” the highest official added.
With regard to the adjustments within the tax varieties, the CBDT member stated all of the completely different varieties relevant beneath the Revenue Tax Act, like TDS quarterly return type, ITR varieties, are being reworked, and the Directorate of Methods is working with the TPL division to roll them out.
“Our Act has modified… So it is going to be a model new type. Within the type, we're following the identical precept, that they need to be easy sufficient in order that the benefit of doing enterprise is increasingly more,” Parbat added.
