CBDT drafts new income tax rules: What it means
Business
Big news for anyone dreading tax season: the Income Tax Department just released draft rules, with the Central Board of Direct Taxes (CBDT) issuing a statement about the public consultation, to seriously simplify India's income tax process, starting April.
They're asking for public feedback, and the public consultation is open, so there's still time to weigh in.
Major reductions in the number of forms
The number of tax forms is getting slashed from 399 to 190, and rules trimmed from 511 to 333.
This means fewer headaches and faster, tech-friendly filing—especially helpful if you're salaried or running a business.
Other key changes on the way
Tax audit and TDS forms are being merged and renamed for clarity.
Plus, some allowances are actually going up: certain allowances and perquisites are being adjusted.