A new fiscal year has dawned, and the annual tax return filing exercise will soon be upon us. On March 31, the tax department notified the income tax return (ITR) forms for financial year 2016-17 (assessment year 2017-18). There have been many changes. One, in keeping with the Finance Minister’s Budget speech in February, a simple single-page form has been introduced for the majority of the country’s tax filers. Next, the number of forms has been reduced. Finally, the taxman now seeks more information in the returns.
Suraj Nangia, Partner shares his views on aforementioned story for Hindu Business Line.