Common tax return form: will the CBDT proposal simplify the work of taxpayers?
Income tax declaration: In order to facilitate the task of taxpayers, the Central Direct Tax Board (DBDT) has proposed an income declaration form (RTI) common to all taxpayers. The CBDT proposed to merge all ITR forms except Form-7. Currently, taxpayers are required to file their tax returns in ITR-1 to ITR-7 depending on the type of person and the nature of the income. Current ITRs come in the form of designated forms where the taxpayer is required to go through all schedules, regardless of whether that particular schedule is applicable or not, which increases the time required to file ITRs.