Current Affairs » Common Income Tax Return

Common Income Tax Return

Central Board of Direct Taxes (CBDT)

Why in the News?

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

Key Points:

  • All taxpayers, except trusts and non-profit organizations (ITR-7), will be able to use a common ITR form.

Significance:

  • In accordance with international best practices.
  • Make it easier to file returns
  • Reduce the time taken by individuals and non-business-type taxpayers
  • Reduce the compliance burden on the taxpayers.