One Nation, One ITR Form

On 2^nd November, 2022, the Central Board of Direct Taxes (CBDT), under the Finance Ministry, released a draft common ITR form on income tax return (ITR) form for all taxpayers.

• Basically, there are seven kinds of ITR forms, which are used by different categories of taxpayers.

Objectives: The proposed draft ITR takes a relook at the return filing system in tandem with international best practices.

• The draft form aims to make it easier to file returns, and to considerably reduce the time taken for the job by individuals and non-business-type taxpayers.

Expected Impact: Smart Design of Schedules: The changes are intended for the ....