Will CBDT proposal simplify taxpayers' job? Common Income tax return form
November, 16th 2022
Income tax return: In a bid to make taxpayers' job easier, the Central Board of Direct Taxes (DBDT) has proposed common income tax return (ITR) form for all taxpayers. The CBDT has proposed to merge all ITR forms except Form-7. At present, taxpayers are required to furnish their income tax returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is applicable or not, which increases the time taken to file the ITRs.