New Delhi, Nov 1 (SocialNews.XYZ) To simplify the process of filing income tax returns (ITR), the Central Board of Direct Taxes (CBDT) on Tuesday issued a draft proposal to introduce a common ITR form for all taxpayers.
It has suggested merging of all the existing ITR forms except ITR 7, though ITR 1 and ITR 4 will continue to remain in use.
Under the CBDT's proposal, taxpayers will have choice to choose the form for filing returns, official sources said.
They could either choose from the proposed common ITR form or the existing ITR 1 or ITR 4 forms.
As of now, returns are filed through ITR 1 to 7, depending on the nature of the income and the legal classification of the taxpayer.
"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. This increases the time taken to file the ITRs and, in turn, may create avoidable difficulties for taxpayers," an official statement said.
"The proposed draft ITR takes a relook at the return filing system in tandem with international best practices. It proposes to introduce a common ITR by merging all the existing returns of income except ITR-7. 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 ITR-4), or the proposed common ITR, at their convenience," it said.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz