The Central Board of Direct Taxes (CBDT) has proposed to introduce a common Income Tax Return (ITR) Form by merging all the existing Returns of Income Tax except ITR-7.
However, the current ITR-1 and ITR-4 Form will continue.
The New Form aims to bring ease of filing returns and reduce the time for filing the ITR by individuals and non-business-type taxpayers considerably.
Benefit of New ITR Forms
The taxpayers will not be required to see the schedules that do not apply to them. It intends the smart design of schedules in a user-friendly manner with a better arrangement, logical flow, and increased scope of pre-filling. It will also facilitate the proper reconciliation of third-party data available with the Income-tax Department vis a vis the data to be reported in the ITR to reduce the compliance burden on the taxpayers.
