In a bid to modernize tax administration, India’s Income Tax Department released a draft notification today, reassigning numbers to key forms used in tax filings. Effective with the Income Tax Act 2025 from April 1, these changes target simplification for taxpayers, experts, and institutions bogged down by archaic numbering.
The old system, evolved over decades through piecemeal updates, bred errors and repetition. New numbering aligns forms logically with digital infrastructure, enabling seamless real-time matching and faster scrutiny. Businesses and professionals must recalibrate software promptly to avoid disruptions.
Standout updates consolidate high-volume forms: Tax audit reports unify under Form 26, replacing fragmented 3CA/3CB/3CD. Transfer pricing now files via Form 48 (ex-3CEB), and MAT certifications—crucial for companies paying 15% on book profits when regular tax is lower—shift to Form 66 from 29B.
International tax forms get facelifts too: Residency certificates via Form 42 (not 10FA), DTAA info in Form 41 (ex-10F). TDS tweaks include Form 128 for nil/low deduction applications and Form 130 for salary certificates. Quarterly TDS returns rename to 138 (24Q), 140 (26Q), 144 (27Q); TCS to 143 (27EQ).
Form 26AS becomes 168 for annual statements, 61A turns 165 for transactions. Overseas remittances: Form 145 (was 15CA), CA cert Form 146 (15CB). This revamp, per analysts, cuts compliance burdens, standardizes rules, and boosts transparency, paving the way for hassle-free filings in the digital age.