Common ITR form will make tax-filing easier, reduce time taken, say experts

Its success, however, will hinge on the quality of online utilities launched along with it

The Central Board of Direct Taxes (CBDT) plans to come out with a common income-tax return (ITR) form that will replace six of the seven forms (ITR-1 to ITR-6). ITR-7, which is applicable to charitable institutions, business trusts, investment funds, etc, will remain separate.

No hassle of identifying correct form

In India, taxpayers find it difficult to identify the ITR form applicable to them as the choice depends on a number of factors. One is type of return filer: individual, company, Hindu Undivided Family (HUF), private trust, or association of persons (AOP).

Another factor is nature of assets held. “ITR-1