NEW DELHI: The Centre has released new Income Tax return forms for individuals and companies for the assessment year 2019-20. The new form seeks more disclosures from the filers who claim exemption on a large agricultural income, directors on the boards of companies, individuals with properties or bank accounts abroad and those holding shares in unlisted firms.
While there has been no change in ITR-1 or Sahaj, which is to be filled by the salaried class, some sections in ITR 2, 3, 5, 6 and 7 have been rationalised.
Individuals, firms and companies have to file returns for the income earned in 2018-19 during the course of current fiscal.
Those filing ITR-3 and ITR-6 (companies) will have to disclose information regarding turnover / gross receipts reported for Goods and Services Tax included now in ITR-3 and ITR- 6 also.
The last date of filing ITR is July 31 for those who are not required to get their accounts audited.