The income tax department released the new income tax return forms, yesterday. Read in detail and you can also download the forms here.
Changes in ITR Forms
- Disclose assets & liabilities if annual income exceeds Rs 50lakhs
A new schedule has been added to income tax return forms where taxpayers have to disclose break up of assets, in to Land, Building, Cash in hand ( held in bank accounts), Jewellery, and vehicles owned by them. Along with their total liabilities (loans). This new schedule has been added to ITR-1, ITR-2, ITR-2A, ITR-3, ITR-4 and ITR-4S.
- ITR-4S can now be filed by Partnership Firms as well
Partnership firms can now declare presumptive income and file ITR-4S as well. They must however provide salary & interest paid to partners.