<span style="color: #222222;">CBDT has released draft Common Income Tax Return Form for public consultation. At present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income.</span> <br />''<br />''Finance Ministry said that the proposed draft ITR takes a relook at the return filing system in tandem with international best practices. It proposes to introduce a common ITR by merging all the existing returns of income except ITR-7.<br />''<br />''<span style="color: #222222;">However, the current ITR-1 and ITR-4 will continue. This will give an option to such taxpayers to file the return either in the existing form (ITR-1 or ITR-4), or the proposed common ITR, at their convenience. The draft common ITR has been uploaded on </span><a href="http://www.incometaxindia.gov.in/" target="_blank" data-saferedirecturl="https://www.google.com/url?q=http://www.incometaxindia.gov.in&source=gmail&ust=1667442791300000&usg=AOvVaw3ql6kd_hdkD7iv27eXEwgW">www.incometaxindia.gov.in</a><span style="color: #222222;"> for inputs from stakeholders and the general public</span><br />

CBDT has released draft Common Income Tax Return Form for public consultation. At present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income.<br />''<br />''Finance Ministry said in a release that the proposed draft ITR takes a relook at the return filing system in tandem with international best practices. It proposes to introduce a common ITR by merging all the existing returns of income except ITR-7.<br />''<br />'' However, the current ITR-1 and ITR-4 will continue. This will give an option to such taxpayers to file the return either in the existing form (ITR-1 or ITR-4), or the proposed common ITR, at their convenience.<br />''<br />''The draft common ITR has been uploaded on www.incometaxindia.gov.in for inputs from stakeholders and general public.<br />