The Income Tax Department has released the draft Income Tax Rules, 2026. These new rules are proposed to come into effect from April 1, 2026. The draft rules simplify the Income Tax Return (ITR) filing forms to reduce the burden on taxpayers. The draft rules also clarify several other aspects, such as the period for which a capital asset is considered to be held in certain cases, rules related to zero-coupon bonds, and the application process for infrastructure companies.
When will suggestions be invited from the public?
The draft rules and forms have been placed in the public domain for 15 days, i.e., until February 22, 2026. The CBDT has stated that all stakeholders and the general public should carefully review them and provide suggestions to make the rule-making process more participatory and effective. According to Sandeep Jhunjhunwala, Partner at Nangia Global, the income tax forms have now been simplified and will be identified by serial numbers from 1 to 190, instead of the old alphanumeric names. The language of the forms has also been made clearer and easier to understand to avoid any legal or administrative complications. However, further changes may be required in Draft Form 26.
Will the new ITR forms simplify tax filing?
The CBDT says that the new forms have been designed keeping in mind the convenience of taxpayers. Common information across all forms has been standardized, which will reduce the compliance burden. These forms will come with features like automatic reconciliation and pre-filling, which will reduce the chances of errors and make filing returns easier.
Fewer Rules and Forms
Currently, the Income Tax Rules, 1962, have 511 rules and 399 forms. The new draft rules reduce these to 333 rules and 190 forms.
New Navigators Launched
The government has also launched two new navigators. One to show a comparison between the old and new rules, and the other for mapping the old and new forms. Suggestions can be submitted according to the rules and forms provided.
Disclaimer: This content has been sourced and edited from TV9. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
-
From Bell to Litchfield: Five overseas players who impressed in WPL 2026
-
Udupi: Man loses over Rs 14 lakh in online investment fraud
-
India, Canada agree on security, law enforcement work plan after thaw in relations
-
Can DPDzero's AI Bet End The Fear Around Debt Recovery, Collections?
-
UP Police Recruitment Result: UP Police Computer Operator Final Result released, Download Merit List and Cutoff from here..
