ENA Sectors 2019-04-06 06:38:38 <p><strong>New Delhi, Apr 6 (KNN)</strong> 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.</p> <p>The aim is to increase transparency and narrow the scope for tax evasion.</p> <p>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.</p> <p>The scope of reporting foreign assets and bank accounts has also been scaled up.</p> <p>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.</p> <p>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.</p> <p>Taxpayers will need to be careful with ITR filings and will need to collate additional details well in advance. <strong><em>(KNN/JM)</em></strong></p> <p><iframe frameborder="1.5" height="500" id="mgiframe" src="//mg.mgid.com/mghtml/framehtml/c/k/n/knnindia.co.in.338951.html" width="100%"></iframe></p> 22411 https://knnindia.co.in/news/newsdetails/sectors/new-itr-form-seeks-more-information 2019-04-06 06:38:38 knnindia.co.in