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Mahesh

03/11/22 22:51 PM IST

CBDT unveils common ITR form for all taxpayers

In News 
  • The Income Tax Department  proposed to introduce a user-friendly common ITR form for all taxpayers by merging all existing forms of return of income except ITR-7. 
Features of the proposed form 
  • The common ITR form can be used by all taxpayers except trusts and non-profits. It merges all existing ITR forms except ITR-7.
  • Under this new format, taxpayers will be given the option to either use the common form or existing forms ITR-1 or ITR-4.
  • However, other old tax forms (ITR-2, ITR-3, ITR-5 and ITR-6) are not part of this new format and their users only have the option of using the common form.
Benefits 
  • The proposed form will be customized for taxpayers based on the questions answered by them.
  • This will reduce the time taken file the income tax returns.
  • It will be beneficial especially for individuals and non-business type tax payers.
  • Its user friendly design of schedule has better arrangement and logical flow. This increases scope of pre-filing of taxes.
  • IT Department will be able to compare the third party data with the new form with ease, leading to the reduction of compliance burden on taxpayers
Source- The Hindu 

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