New ITR Forms Coming in January: Major Tax Filing Changes Ahead!

The Central Government’s new Income Tax Act will come into effect from April 1 next year. According to this new law, the CBDT has announced that the updated ITR forms will be made available by January.

The objective is to simplify the tax payment and filing process. CBDT also stated that accounting software is being updated to align with the new tax regulations.

Additionally, the department clarified that all valid refund claims will be processed by December.