ITR rule update: Govt to notify new IT forms by January 2025; refunds face checks – why CBDT expects a December bounce

New income tax return forms and rules under the simplified Income Tax Act, 2025, will be notified by January 2026, with the law effective April 1. CBDT Chairman Ravi Agrawal stated the department aims for simpler compliance and expects to meet direct tax collection targets, with refunds being scrutinized due to discrepancies and wrong claims.