One Nation, One ITR Form

Last contribution by Ibadat Bakshi on 05 Nov 2022

A proposal for one common income tax return form has been released by the Central Board of Direct Taxes and awaits inputs from all stakeholders. To know more, continue reading on this faqtsheet

Updated on : 2022-11-05 12:32:00

Ibadat Bakshi

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What does ITR stand for?

ITR stands for Income Tax Return. Read More

ITR stands for Income Tax Return.

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Why do I have to file an ITR?

An ITR has to be filed to disclose the income received from various sources and... Read More

An ITR has to be filed to disclose the income received from various sources and thereby pay the taxable amount.

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Why is there a proposal for one ITR form?

According to CBDC, a common ITR form is in line with international best practices and... Read More

According to CBDC, a common ITR form is in line with international best practices and promotes ease of filing income tax and reducing the time for filing the ITR.

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Where is the new ITR form applicable?

The proposed common ITR form shall be applicable for everyone except for trusts and not-for-profit... Read More

The proposed common ITR form shall be applicable for everyone except for trusts and not-for-profit organisations.

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How many ITR forms are there as of the present?

As of present, there are 7 ITR forms- ITR 1 to ITR 7. Read More

As of present, there are 7 ITR forms- ITR 1 to ITR 7.

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What is the new ITR form going to be like?

On the basis of the answers given by the taxpayer, the form will get customised... Read More

On the basis of the answers given by the taxpayer, the form will get customised and the questions not applicable to the user will not be included.

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Are there any new features included in the new form?

There is a separate section for Virtual Digital Assets (VDAs) to include all the income... Read More

There is a separate section for Virtual Digital Assets (VDAs) to include all the income from sources like crypto-currency, Non Fungible Tokens (NFTs), etc.

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What happens to the other ITR forms?

The most common individual user ITR forms-ITR 1 and ITR 4- will not be discontinued... Read More

The most common individual user ITR forms-ITR 1 and ITR 4- will not be discontinued and the individual can choose between the forms according to convenience.

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Where can I give my suggestions on this draft ITR proposal?

All stakeholders can mail their suggestions here- [email protected] with a copy to [email protected] Read More

All stakeholders can mail their suggestions here- [email protected] with a copy to [email protected].

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Till when can I give my suggestions on the proposed ITR?

The suggestions can be sent out by 15th of December, 2022. Read More

The suggestions can be sent out by 15th of December, 2022.

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Do I have to file an ITR even if my annual income is below 2.5 Lakhs?

According to the notification by Central Board of Direct Taxes (CBDT) on April 21, 2022,... Read More

According to the notification by Central Board of Direct Taxes (CBDT) on April 21, 2022, there are few exceptions to the 2.5 lacks threshold-

  1. Annual sales turnover of Rupees 60Lacks and above
  2. Professional gross revenue for preceding year exceeded 10 lacks
  3. If the bank account(s) credited with Rupees 50 lacks atleast in the previous year
  4. If the bank account(s) holds an aggregate exceeding Rupees 1 crore
  5. Spending of more than Rupees 2 Lacks on foreign travel
  6. Electricity bill of more than Rupees 1 Lack/ month or an aggregate during FY
  7. Ordinary resident earning from foreign sources
  8. Gross total income higher than the exception threshold
  9. TDS or TCS is Rupees 25,000 or more
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