CBDT Proposes to Introduce Common Income Tax Return

CBDT proposes to introduce a common ITR by merging all the existing returns of income except ITR-7 as 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 and this increases the time taken to file the ITRs.

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 ITR-4) or the proposed common ITR, at their convenience.

The draft ITR aims to bring ease of filing returns and reduce the time for filing the ITR by individuals and non-business-type taxpayers considerably as the taxpayers will not be required to see the schedules that do not apply to them.

The inputs on the draft ITR may be sent electronically to the email address dirtpl4@nic.in with a copy to dirtpl1@nic.in by 15th December 2022.