CBDT Draft Common ITR Form: If you are a taxpayer and file Income Tax Return every year, then this news is of your use. The Central Board of Direct Taxes (CBDT) has done a common ITR Form Draft. With the introduction of this common ITR form, it will be easier for the tax depositors to file tax. In this common form, the most focus has been on digital assets and crypto assets.
Citizens living in India will now be able to easily give information about their properties and assets abroad. Apart from this, Indian citizens settled abroad can easily give information about their business and other details through this form. After the introduction of this form, people will be able to submit tax easily. CBDT has sought its opinion on this common ITR draft by 15 October.
Opinions solicited by December 15, 2022
Giving information on this matter, CBDT said that the form is common from ITR-1 to ITR-6. In this only ITR-7 form is different. Along with this, the Income Tax Department has also planned to continue ITR-1, ITR-4. With this, old people will be able to submit the form in the old way. It is worth noting that in the new common form, you will have to fill more details. Along with this, it has been designed keeping in mind the needs of people earning from cryptocurrencies. In this new Common ITR Form in CBDT, many things will be pre-filled. CBDT has sought its opinion on this new common ITR by 15 December 2022.
Purpose behind introducing new draft ITR forms
The Income Tax Department has launched this new common ITR form to make it easier for individual and non-business taxpayers and to deposit tax on money earned from cryptocurrencies. Many details must be pre-filled in this form. This will take less time for you to fill the form. Through this form, you are given the facility to match the data of the Income Tax Department. It is available through a third party. At present, taxpayers file their income tax returns by filing a form between ITR-1 to ITR-7, depending on the amount and source of their earnings.
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