How the income tax department will track high spenders with new ITR forms
Well ahead of time, the income tax department has issued two new ITR forms, ITR-1 and ITR-4, for FY 2019-20 (AY 2020-21)
Here is all you need to know about the new ITR forms
NEW DELHI : The income tax department now wants to know not only about your earnings and investments but also about your expenses in new income tax return (ITR) forms. Although the finance ministry has relaxed eligibility conditions for filing ITR-1 and ITR-4 forms, yet no changes have been made in the new ITR forms which were notified last week. The changes are significant this time as the taxman is seeking more disclosures from the taxpayer.