IT refunds: All pending income tax refunds will be released by next month. According to CBDT Chairman Ravi Agarwal, smaller refunds have already been released, while notices and clarifications were sought after incorrect claims were found in some larger refunds.
In an exclusive conversation with CNBC-Awaaz Saath, Ravi Agarwal also said that preparations are underway to implement the new Income Tax Bill from April next year, and its forms and rules will be released by the end of this year or by January 2026.
Ravi Agarwal stated that the Income Tax Department has already processed some small refunds. However, problems have been encountered with some larger refunds. Many taxpayers have made incorrect claims. In some cases, document mismatches have been found. Additional or incorrect exemption claims have been made in many refunds. For these reasons, the Income Tax Department has sent notices to taxpayers and sought clarifications. This process is now in its final stages, and all cases will be resolved by next month.
Focus on implementing the new Income Tax Bill from April 2026
Speaking about the new Income Tax Bill, Ravi Agarwal said that the government is moving forward with implementing the new Income Tax Bill by April 2026. The new bill aims to simplify the country’s tax laws, eliminate complex procedures, and make the rules easier and easier to understand for taxpayers. He further stated that all new forms and rules will be released by the end of this year or in January.
New income tax forms to be taxpayer-friendly
Ravi Agarwal further stated in this conversation that the new income tax forms are being developed with taxpayer convenience in mind. This means that these forms will be shorter and simpler. Unnecessary columns and complexities will be removed from these forms. The e-filing process will be even simpler and faster. The focus will be on creating forms that are easy for taxpayers to understand. Agarwal stated that after simplifying the new tax act, his next focus will be on providing maximum convenience to taxpayers.
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