On 1 April 2019, the Central Board of Direct Taxes (CBDT) has issued a Notification No.32/2019 to notify the new Income Tax Return (ITR) Forms for Assessment Year 2019-20.
The new forms -Sahaj (ITR1) , Form ITR-2, Form ITR-3, Form Sugam -ITR-4, Form ITR-5, Form ITR-6, Form ITR-7, and Form ITR-V have been notified for Financial year 2017-18 or assessment year 2018-19. The new forms have increased reporting requirements and seek more details of the taxpayer with respect to income, professional, and 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).
