Seven ITR forms: Which one should you use to file your income tax returns?
Updated : July 27, 2018 06:31 AM IST
Tax authorities have notified seven ITR forms for the financial year 2017-18 (assessment year 2018-19) in the month of April 2018, which reflects the Central Board of Direct Taxation (CBDT’s) commitment to ease the ITR filing process as it provides adequate time for taxpayers to complete the entire process.
Numerous new schedules/columns have been introduced in these forms seeking more information/details from trusts, taxpayers who have opted for presumptive taxation schemes, those who invest in shares of unlisted companies, so on and so forth.
Following the introduction of the goods and services tax (GST), ITR-3 and ITR-4 forms now require relevant details like GST payments, outstanding credit, GSTR number and turnover/gross receipt reported under GST return.
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