Income Tax Act 2025 Update: Govt Releases Draft Rules and forms; Seeks Public Inputs

Contributing sentiments towards policy:

60% : Nangia Global Partner Sandeepp Jhunjhunwala said what is noteworthy is the long-overdue rationalisation of archaic perquisite thresholds, such as tax-free at-work meal value, gift received from employer, etc. -
59% : The Income Tax department has sought comments from stakeholders on the draft Income-tax Rules, 2026, and forms by February 22.
57% : The Income-tax Rules, 1962 contains 511 rules and 399 forms.
57% : a reform that has been widely sought and brings the income tax framework closer in line with contemporary economic realities.
56% : The tax department on Saturday released draft rules and forms under the new Income Tax Act, 2025, which proposes to simplify the provisions and reduce compliance burden for ease of understanding and make it taxpayer-friendly.
54% : Income Tax Act 2025 News:
54% : As a result of the changes proposed in the new rules and forms, including the removal of redundancy and consolidation of rules wherever possible, the draft Income-tax Rules, 2026 contains 333 rules and 190 forms, the I-T department said while inviting stakeholder comments.
46% : With regard to the new income tax forms, it said that they have been simplified to a large extent for the ease of the taxpayers.
33% : A new and simplified Income Tax Act, 2025, which will replace the over six-decade-old Income Tax Act of 1961, will come into effect from April 1.

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