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Income-tax experts and CAs hail common tax filing form proposal
Every year the Central Board of Direct Taxes (CBDT) issues updated Income Tax Return (ITR) forms around the start of the new assessment year i.e., in the month of April. With the focus on expediting the return filing system, the day is not far when taxpayers will only need to review the ITR form pre-filled by the income tax department, and if no change is made by the given time, it will be deemed to be filed. Sandeep Sehgal, Partner-Tax, AKM Global is of the view that the common ITR form is a step towards an easier and uncomplicated experience for a taxpayer while filing a tax return, with unrelated information and schedules not being shown during the process. This creates confusion and an unnecessary compliance burden. Today it has become the most complicated legislation and holds some uncertainty for taxpayers also. At present the taxpayer is mandatorily required to go through all the schedules, irrespective of whether that particular schedule is applicable or not. Source - Money Control
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