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In News
- Recently, the Central Board of Direct Taxes (CBDT) has proposed a single income tax return (ITR) form for all taxpayers.
How many kinds of ITR forms are there now?
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Changes that has been proposed
- 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.
Rationale behind the move
- 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.
- 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-à-vis the data to be reported in the ITR to reduce the compliance burden on the taxpayers.
Central Board of Direct Taxes (CBDT)
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Source: IE
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