Indiaherald Group of Publishers P LIMITED

X
close save
crop image
x
Fri, Sep 20, 2019 | Last Updated 7:18 pm IST

Menu &Sections

Search

New Changes in standardize filing of tax returns

New Changes in standardize filing of tax returns
New Changes in standardize filing of tax returns
http://apherald-nkywabj.stackpathdns.com/images/appleiconAPH72x72.png apherald.com

For the current tax return filing cycle, the government has introduced a number of changes in ITR filing forms. For instance, individuals should note that the ITR forms for the financial year 2018-19 are different from those used in the previous cycle. The new changes have been brought in to standardize filing of tax returns in order to facilitate auto-processing of returns and also to detect an evasion through systemic matching.

New Changes in standardize filing of tax returns

An individual has many sources of income apart from salary or profit from a business. For instance, income from interest earned on bank savings, fixed deposits, insurances and investments in other savings scheme like Public Provident Fund need to be reported, even if some of them are tax-free.



In many cases, individuals end up receiving a notice as they file their ITR in wrong forms. It is absolutely necessary to pick the accurate form for filing income tax returns. There are a total of seven ITR forms. For instance, a salaried individual is required to file returns in ITR 1 form (Salary needs to be below Rs 50 lakh per annum) while businesses are usually required to file ITR 4.


New Changes in standardize filing of tax returns
5/ 5 - (1 votes)
Add To Favourite
More from author
Telangana planning to declare 2020 as AI Year
Nirmala Seetharaman said Centre asked PSBs to Lend More
Transferring Money through IMPS is the Best Platform across Globe
P Chidambaram complaints about various ailments, No Chair No Pillow in Tihar Jail
Is banning banner culture not an easy task in Tamilnadu?
Nationwide strike by Tamilnadu Truckers against MV Act
BJP Leader Swami Chinmayanand arrested in rape case
Karnataka Govt set to introduce a draft bill to establish regulatory sandboxes in Karnataka
Successful woman Sheela Kochouseph Chittilapally, Managing Director, V-Star
IDBI Bank's Board approves Rs 4,743 crore to LIC
Treatment for Chikungunya through these Foods
Why Trump carries cash in his back pocket?
Some waxing tips teenage girls should follow
Why Pakistan PM says until curfew lifted in Kashmir, no talks with India?
Health tips women should follow to stay healthy
Vodafone Idea largest telecom operator in India in July: TRAI
Hindu Deities, How they can help you?
P Chidambaram's judicial custody extended till October 3 in INX Media Case
I did not impose Hindi on regional languages: Amit Shah
About the author

Nanotechnology Degree Holder. Movie Geek. Crazy about comics and cartoons. Hardcore Cricket Lover. Photoshop Professional