Government proposes universal ITR form, solicits stakeholder feedback.
- On Tuesday, the finance ministry recommended a user-friendly single income tax return form for all taxpayers that requires virtual digital asset revenue to be reported separately.
- The Central Board of Direct Taxes (CBDT) has solicited stakeholder views on the proposed new common ITR form by December 15 for all taxpayers excluding trusts and non-profits.
- The CBDT, under the finance ministry, said ITR-1 and 4 will remain, but people may file income reports under the generic ITR form.
- “It recommends consolidating all income returns except ITR-7 into one ITR. Individual and non-business taxpayers may file their ITRs faster and easier with the draught ITR “CBDT stated.