New ITR forms seek more disclosures: Know about all important changes

ITRs for 2018-19: Assessees have to provide detail calculation of these incomes

The government has notified new Income-Tax Return (ITR) forms for 2018-19. These forms require some additional disclosures from assessees. For instance, the assessee had to only mention taxable income from salary and rent from house property in ITR1 and ITR4, respectively, till last year. However, in the new forms he/she has to provide detailed calcuation of these incomes, said Naveen Wadhwa, tax expert with Taxmann. There are roughly 27 changes in these ITR forms. In accordance with the Finance Act, 2018, ITR7 requires political parties to provide a declaration whether they have received any cash donation in excess of Rs