NEW DELHI, DDTCNews – India’s tax authority, the Central Board of Direct Taxes (CBDT), plans to unify SPT forms. CBDT will simplify the SPT form to ease the burden on taxpayers to complete and report their tax obligations.
So far, Indian taxpayers have to complete all SPT forms. This practically makes taxpayers take longer to complete and declare their SPT. Later, the SPT form consisting of ITR-1 to ITR-4 will be integrated into a common ITR.
“We have reviewed the SPT system currently in place to comply with international best practices“, CBDT wrote in its official press release, reported livemint.com, Friday (11/11/2022).
The SPT that still needs to be reported separately from the common RTI is ITR-7 which is an SPT for charitable institutions, business trustsinvestment fund managers and others.
Although there is a common ITR, taxpayers have the freedom to choose whether to report their tax obligations using ITR-1 through ITR-4 or using the common ITR.
It is hoped that the Common ITR will make it easier for non-corporate individuals to prepare and file their TPS.
Later, the common RTI will also be filled in automatically pre-filled using internal data and third-party data managed by CBDT. This technology should reduce the compliance burden on taxpayers. (sap)
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