Government proposes universal ITR form, solicits stakeholder feedback.

HomeEconomicsGovernment proposes universal ITR form, solicits stakeholder feedback.

Published on

November 2, 2022

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.