Personal Finance
Income Tax Department has proposed to introduce a common ITR by merging all the existing returns of income except ITR-7.
Updated : Nov 01, 2022, 10:02 PM IST | Edited by : Prashant Tamta
The Income Tax Department has proposed that it will introduce a common ITR by integrating all existing forms of return of income except ITR-7.
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. ITR-7 is applicable for charitable institutions, business trusts, investment funds, etc.
In a major step towards ease of compliance CBDT proposes to introduce a common ITR by merging all existing ITRs except ITR7. Draft common ITR Form is available on https://t.co/fDrSV3LQ9P
— Income Tax India (@IncomeTaxIndia) November 1, 2022
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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 scheme of the proposed common ITR is as follows:
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