One Nation, One ITR Form

On 2nd November, 2022, the Central Board of Direct Taxes (CBDT), under the Finance Ministry, released a draft common ITR form on income tax return (ITR) form for all taxpayers.

Kinds of ITR Forms

There are seven kinds of ITR forms, which are used by different categories of taxpayers. They are as follows:

  1. ITR Form 1, called ‘Sahaj’, is for small and medium taxpayers. Sahaj forms can be filed by individuals who have an income up to Rs 50 lakh, with earnings from salary, one house property/ other sources (interest etc.).
  2. ITR-2 is filed by people with income from residential ....
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