CBDT releases draft Common Income Tax Return Form for public consultation

CBDT has released draft Common Income Tax Return Form for public consultation. 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.

Finance Ministry said that 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. The draft common ITR has been uploaded on www.incometaxindia.gov.in for inputs from stakeholders and the general public.