New Delhi, Apr 6 (KNN) Individuals and businesses have to disclose more details of professional and residential status, as well as their income, while filing income tax returns (ITRs) for 2018-19, according to the new forms notified on by the income tax department.

The aim is to increase transparency and narrow the scope for tax evasion.

The new ITR forms also require individuals to disclose more details on their residential status, such as the number of days spent in India and abroad, rather than giving a self-declaration on residential status.

The scope of reporting foreign assets and bank accounts has also been scaled up.

The option of filing tax returns in physical form is now available only to people aged 80 or more and are filing the simpler ITR-1 or ITR-4 forms.

Those who claim income tax exemption for farm income will have to disclose where the agricultural land is located, its size, whether it is irrigated or rain-fed, and whether they own the land or hold it on lease.

Taxpayers will need to be careful with ITR filings and will need to collate additional details well in advance. (KNN/JM)