The return filed could be treated as defective, invalid, or even be considered as not filed at all.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The department notified the new set of ITR forms early this week
With the new tax slabs applicable for income earned during Financial Year 2014-15 and host of new changes in income tax returns and filing norms, this e-filing season will certainly bring in a new experience for taxpayers. Here's how
Unless they have capital gains or assets abroad, most individuals will need to file ITR-1 or ITR-2A.
How the Aadhar card would be linked to income tax return is yet not clear
The new Income Tax return forms are much simpler in many respects.
The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed.
The tax department has released the software for preparing the Income Tax Return forms -- ITR 1-Sahaj, ITR 2, 2A and 4S-Sugam
The assessee will also have to declare whether such items and their value were disclosed at the time of filing wealth tax returns earlier.
The new return forms also make life easier for expatriates.
Revised tax forms will be simple; stress on foreign travel and assets has been reduced
New ITR form may be simpler, but some changes could stump you.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
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