Get latest articles and stories on Business at LatestLY. The statement said that the proposed draft ITR takes a relook at the return filing system in tandem with international best practices. It also said it proposes to introduce a common ITR by merging all the existing returns of income except ITR-7. However, the current ITR-1 and ITR-4 will continue. Business News | Govt Releases Draft Common Income Tax Return Form for Public Consultation.