financial services

Impact of New ITR Forms

The new Income Tax Return Forms came into being for the financial year 2017-18 and they have made the mention more details of their income than they usually used to do. All in all, there are 25 major changes that a taxpayer can notice in the ITR Forms.

These changes require taxpayers to provide the break-up of the information to the Income Tax Department or other details that helps Income Tax Department to reconcile, the transactions reported by the taxpayers.

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The taxpayers who have their earning from salary, house property and other sources file their ITR using ITR Form 1. This form now requires more details of the taxpayers. The taxpayer should primarily fill up salary amount excluding allowances, perquisites, and so on. Then, the taxpayer will have to provide details pertaining to perquisites, allowances, profit in terms of salary, etc. Until last year, a taxpayer was required to mention only the taxable figure of the salary. The same is applicable for income from house property. The form now requires the taxpayer to provide the break-up of gross rent received, tax paid to local authorities, etc.

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So, those some major changes in the ITR Forms that came into being for the Income Tax Return of Financial Year 2017-18.


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