Small but Important Changes in ITR Forms, Here’s What You Need to Know
The Centre has made several changes in the Income Tax Return (ITR) forms for the FY19 which aim at obtaining additional information from the taxpayers.
There are around 27 changes in the new ITR forms. For instance, political parties will now have to disclose cash donations in excess of Rs. 2,000. Failing to do so will disqualify them from availing tax deduction benefit.
In the new ITR1 form, the assesses will have to disclose the details of taxable income as well as income of the property (earlier they had to only mention the income amount). Similarly, the new ITR4 will require the GSTR number of the assesses along with their turnover.