What Are the Changes in the New ITR Forms?
Income Tax Return (ITR) is a form in which an individual (taxpayer) is supposed to submit the information about his/her income earned in the particular financial year (1st April to 31st March of next year) and tax applicable to the Income Tax Department of India. It is mandatory that every taxpayer must file his/her ITR on or before the mentioned due date given by the income tax department. A taxpayer is eligible to fil ITR forms depending upon the sources, type of income earned, and the category he/she belongs to such as individual, company, Hindu Undivided Families (HUFs), Association of Persons (AOP), Body of Individuals (BOI), etc. The Income Tax Department has specified seven types of ITR forms from ITR-1 to ITR-7 and that taxpayers should choose the relevant form to file their return of income. Income of the taxpayer can be of various forms such as income from salary, capital gains, house property, business/profession, and other sources like interest earned from bank deposits...