{"id":34460,"date":"2022-11-03T06:51:01","date_gmt":"2022-11-03T01:21:01","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=34460"},"modified":"2025-04-20T14:01:52","modified_gmt":"2025-04-20T08:31:52","slug":"one-nation-one-itr-form-how-will-cbdts-new-proposal-help-taxpayers","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/one-nation-one-itr-form-how-will-cbdts-new-proposal-help-taxpayers\/","title":{"rendered":"One Nation, One ITR Form? How Will CBDT\u2019s New Proposal Help Taxpayers?"},"content":{"rendered":"<h3><strong>What\u2019s in today\u2019s article:<\/strong><\/h3>\n<ul>\n<li><strong>About CBDT<\/strong><\/li>\n<li><strong>Current ITR system (Number of Forms, Proposal by CBDT, Need for a common form)<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><strong>Why in News:<\/strong><\/h3>\n<ul>\n<li>The Central Board of Direct Taxes (CBDT) has proposed a single income tax return (ITR) form for all taxpayers.<\/li>\n<li>A draft form has been released, to which all stakeholders can provide inputs up to December 15.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>About Central Board of Direct Taxation:<\/strong><\/h2>\n<ul>\n<li>The Central Board of Direct Taxes is a\u00a0<strong>statutory authority<\/strong>\u00a0functioning under the\u00a0<strong>Central Board of Revenue Act, 1963<\/strong>.<\/li>\n<li>It is responsible for the administration of direct taxation in India.<\/li>\n<li>It is administered by the\u00a0<strong>Department of Revenue<\/strong>\u00a0under the\u00a0<strong>Ministry of Finance<\/strong>.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>How many kinds of ITR Forms are there now?<\/strong><\/h2>\n<ul>\n<li>Currently, there are\u00a0<strong>seven kinds of Income Tax Return (ITR) forms<\/strong>\u00a0which are used by different categories of taxpayers. They are as follows \u2013<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/vajiramandravi.s3.us-east-1.amazonaws.com\/media\/editor_images\/2022\/11\/3\/12\/46\/4\/63636ab4dfe06605e1d0d72b_OI.PNG\" alt=\"\" \/><\/p>\n<h2><strong>How many ITR forms were filed in AY 2022-23?<\/strong><\/h2>\n<ul>\n<li>The total ITR forms filed for AY 22-23 is about\u00a0<strong>83 crore<\/strong>.<\/li>\n<li>Out of 5.83 crore ITRs filed, 50% of these are ITR-1 (2.93 crore), 11.5% are ITR-2 (67 lakh), 10.9% are ITR-3 (63.35 lakh), 26% are ITR-4 (1.54 crore), ITR-5 to 7 (5.5 lakh)<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>Proposal made by CBDT:<\/strong><\/h2>\n<ul>\n<li>According to the proposal, all taxpayers, barring trusts and non-profit organisations, will be able to use a common ITR form.<\/li>\n<li>This common ITR form will include a separate head for disclosure of income from virtual digital assets.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><strong>What is the need for a common ITR Form?<\/strong><\/h2>\n<ul>\n<li>The proposal of having a common ITR Form is aimed at\u00a0making it easier for citizens for file returns, and also\u00a0to considerably reduce the time taken for the job\u00a0by individuals and non-business-type taxpayers.<\/li>\n<li>With a common ITR form, the taxpayers will not be required to see the schedules that do not apply to them.<\/li>\n<li>It intends the smart design of schedules in a user-friendly manner with a better arrangement, logical flow, and increased scope of pre-filling.<\/li>\n<li>It will also\u00a0facilitate the proper reconciliation of third-party data available with the Income-Tax department vis-\u00e0-vis the data to be reported in the ITR to reduce the compliance burden on the taxpayers.<\/li>\n<\/ul>\n<hr \/>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ITR Form is aimed at making it easier for citizens for file returns, and also reduce time taken for job<\/p>\n","protected":false},"author":5,"featured_media":34461,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":{"0":"post-34460","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-mains-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/34460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=34460"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/34460\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/34461"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=34460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=34460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=34460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}