Current Affairs » Common Income Tax Return

Common Income Tax Return

Central Board of Direct Taxes (CBDT)

Table of Content

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.