The Central board of direct tax has floated the idea of a Common ITR form which will be taken place of the existing 7 seven ITR forms.
Ease the process However, the current ITR-1 and ITR-4 will be there. This provides an option to such taxpayers to file the return either in the existing form (ITR-1 or ITR-4), or the proposed common income tax return."
Ease The Process of Filing
This common ITR form will help to reduce the timing of the filing process as this form is loaded with simple questions. It means that a taxpayer now will not be required to fill out the lengthy information. S/he will be required to simply answer the questions pertaining to her/him.
CBDT has designed the questions in a way that questions will define the income tax returns of the taxpayers.
However, If the taxpayers get perplexed while filing the common ITR form or regarding what schedules are applicable to them then there is nothing to worry about it as CBDT has also mentioned the instructions too for the assistance of taxpayers.
Minimize the compliance burden
CBDT (Central Board of Direct Tax) has stated that the common income tax form will be pre-populated with the details of the taxpayers. It means that the details of the taxpayers which have been already delivered to the department, will be pre-filled in the common ITR form, and the taxpayer would have to just confirm it to proceed to move ahead.
In addition, this will improve the user interface too. CBDT mentioned that the arrangement of the data will be better than the existing flow. Moreover, the particulars which are not applicable to a specific taxpayer may not be displayed during the filing process.
Easy-to-navigate user interface
CBDT said: We have designed a common ITR in a way which will show each row with only one different value. This will provide a better ITR filing experience to taxpayers. Moreover, there is an update in the UI too. An updated UI that CBDT has made is that only the applicable fields of any particular schedule will be visible to the taxpayers as per their requirements.
Central Board of Direct Tax explained it with the following instance- let's assume for a while “There is a taxpayer who possesses more than one house property. Therefore, the schedules relating to the house property will be repeated for each house property of the taxpayer. But say the taxpayer has only capital gains arising from Section 112A of the Income-tax Act, 1961, then only the schedules of fields which relate to Section 112A will be shown and not the others.
Save your time
CBDT words: The new ITR form will eliminate the extra time of the ITR filing process as there are multiple ITR forms to be filed for filing the income tax returns. Taxpayers now have to spend a lot of time selecting the applicable form to him/her which consumes a lot of time, right? But now there will be only one form so taxpayers do not need to put so much of their time. This is going to save a lot of time for the taxpayers.
No more confusion
There are yet seven ITR forms to file your income tax returns and taxpayers have to struggle a lot when it comes to selecting the right one. The proposed common ITR form is merged from all 7 ITR forms. This ITR form is aimed to eliminate the process of selecting the correct ITR form relevant to the taxpayers. No more confusion will take the place for individuals, and business-person. This is going to actually remove the confusion
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