India's income tax department has released new forms for
filing income tax returns for FY 2018-19. The new forms will
require individuals and businesses to disclose details of their
income, professional as well as residential status.
Assessees who earn a taxable income must declare their total
income earned by filing an income tax return (ITR) form. The last
date for filing income tax returns for a financial year (FY) is
July 31 of the assessment year (AY).
India's Central Board of Direct Taxes (CBDT) has recently
introduced new ITR forms for FY 2018-19/AY 2019-20.
The new forms have increased reporting requirements and seek
more details of the taxpayer with respect to income, professional,
and residential status.
