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One Nation, One ITR Form

Kumari Sonali

One Nation, One ITR Form:

The Central Board of Direct Taxes (CBDT) has proposed a single income tax return (ITR) form for all taxpayers.

  • There are seven kinds of ITR forms, which are used by different categories of taxpayers.
  • According to the proposal, all taxpayers, barring trusts and non-profit organisations (ITR-7), will be able to use a common ITR form, which will include a separate head for disclosure of income from virtual digital assets.
  • The proposed draft ITR takes a relook at the return filing system in tandem with international best practices.
  • The draft form aims to make it easier to file returns and to considerably reduce the time taken for the job by individuals and non-business-type taxpayers.

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