Central Board of Direct Taxes Releases Draft of Common Income Tax Return Form for Public Consultation
Currently, there are seven forms i.e from ITR 1 to ITR 7, available for taxpayers to file their Income Tax Returns. The selections or applicability of forms depends upon the nature or type of Incomes the taxpayer is declaring and also by the type of Person filling the return. The existing ITRs are designated forms where the taxpayer is compulsorily required to go through all the schedules, whether they are applicable or not, which not only make the forms look complex but all increases the time required to fill &…