The Central Board of Direct Taxes (CBDT) has notified five new income tax return forms. 

The five new ITR forms are Form ITR-3, Form ITR-4, Form ITR-5, Form ITR-6 and Form ITR-7.

For all these forms, it is now mandatory to furnish details of all bank accounts (dormant accounts are excluded). 

Detailed information has been sought on foreign accounts. 

ITR-3 is for individuals and HUFs who are partners in firms and not carrying out business or profession under any proprietorship. 

Form ITR 4 is for individuals and HUFs having income from proprietary business or profession.

Form ITR-6 is for companies other than those claiming exemption under Section 11.

The new requirements also provide that Aadhaar information has to be given for ITR 3 and ITR 4.

comment COMMENT NOW