Taxpayers rejoice: The Income Tax Department dropped a draft rule amendment proposing a fresh numbering scheme for tax forms, designed to eradicate longstanding filing headaches. Slated for the Income Tax Act 2025 launch on April 1, it promises clarity for everyone from salaried individuals to multinational firms.
Accompanying templates highlight how legacy forms, twisted by years of revisions, fueled mix-ups and duplicate entries. The revamped logic syncs perfectly with online portals, supercharging data validation and probes in real time. Urgent system upgrades loom for deductors, CAs, and corporates.
Pivotal mergers spotlight efficiency: All tax audit paperwork converges in Form 26, ditching 3CA, 3CB, 3CD. Transfer pricing audits land on Form 48 from 3CEB; MAT docs—15% tax on under-taxed book profits—to Form 66 ex-29B. Residency certs: Form 42 replaces 10FA; DTAA details Form 41 over 10F.
TDS landscape reshuffles with Form 128 for deduction waivers, Form 130 for salary TDS. Returns rebranded: 24Q→138, 26Q→140, 27Q→144, TCS 27EQ→143. Tax statements 26AS→168, transactions 61A→165. Remittances streamline to Form 145 (15CA) and 146 (15CB) for CA sign-off.
Veteran tax pros hail it as a game-changer for ITR ease, uniform calculations, and intuitive navigation. With deadlines ticking, this overhaul signals India’s push toward a user-centric, tech-savvy tax regime.