Draft Common ITR: With the introduction of Common ITR, people will get ease in tax filing. The CBDT has sought opinion on the Common ITR Draft till December 15. In the new common ITR, more and more things will be pre-filled.
Draft Common ITR: There is big news for taxpayers filing Income Tax Return. The Central Board of Direct Taxes (CBDT) has released the draft Common ITR Form. With the introduction of common ITR , people will be able to make tax filing easier. CBDT has sought opinion on the Common ITR Draft by December 15.
Items to be pre-filled in the new Common ITR
According to CBDT, there will be a common form from ITR-1 to ITR-6. Only ITR-7 will be different. ITR-1, ITR-4 will also continue so that people can continue with the old ones. With the introduction of common ITR, it will be easier for people to file tax. There will be no need to look for schedules that are not applicable to them. In the new common ITR, more and more things will be pre-filled.
Based on the answers to some questions, the non-essential schedule will not come. CBDT has sought opinion on the draft common ITR by 15 December 2022.
Purpose of Draft ITR
The purpose of draft ITR is to bring ease in filing returns and significantly reduce the time taken by individual and non-business taxpayers to file ITR.
This will facilitate matching of third party data available with the Income Tax Department with the data to be reported in ITR to reduce the compliance burden on taxpayers. Currently, taxpayers are required to file their IT returns in ITR-1 to ITR-7 depending on the type of person and source of income.
