Ripples Advisory 5 things to remember while filing income tax returns

It is time to file your annual income tax return again. You could get professional help to do it but if you are planning to do it yourself here are the things you need to keep in mind

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It’s that time of the year again when you have to go through the annual ritual of filing income tax returns (ITRs). You can file your ITR for the financial year (FY) 2016-17 by 31 July 2017, else it will be considered a belated return. Irrespective of whether your income is in the taxable slabs or not, ideally you should file the return. Here are five things to know when you file your ITR this year.

Change in ITR Forms

To simplify the process of filing ITRs, the Central Board of Direct Taxes (CBDT) has made some amendments in the forms. For the current assessment year (AY), there are seven ITR forms, instead of the nine that were there earlier.Three of the earlier ITR forms—ITR-2, ITR-2A, and ITR-3—have been rationalized and a single ITR-2 form has replaced them. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugar), respectively.