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Thu, Oct 17, 2019 | Last Updated 11:07 pm IST

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New Changes in standardize filing of tax returns

New Changes in standardize filing of tax returns
New Changes in standardize filing of tax returns

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
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