ITR filing: Centre proposes one common income tax return form for all taxpayers (file photo)
The Income Tax Department has proposed that it will introduce a common ITR by integrating all existing forms of return of income except ITR-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. ITR-7 is applicable for charitable institutions, business trusts, investment funds, etc.
In a major step towards ease of compliance CBDT proposes to introduce a common ITR by merging all existing ITRs except ITR7. Draft common ITR Form is available on https://t.co/fDrSV3LQ9P
Inputs may be sent via email at dirtpl4nic.in dirtpl1nic.in, latest by 15.12.2022. pic.twitter.com/imKz61YXmH
— Income Tax India (@IncomeTaxIndia) November 1, 2022
However, the current ITR-1 and ITR-4 will continue. This will give an option to such taxpayers to file the return either in the existing form (ITR-1 or…
