How changes in new ITR forms will impact you – DNA India

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  • Last Updated on 26 October, 2020

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DNA “Coming to the new ITR 4 form, it requires a taxpayer to provide the aggregate turnover reported by him/her in GST returns. This can also affect some employees who do part-time work of others and in that case earn money from outside salary and charge GST on those invoices. The GST return matching is important because many a times business owners have been reporting two sets of income, one for income tax and another one for service tax. “The ITR forms require the business entities to report the GST transaction which would help the Dept. to independently reconcile the transactions reported by them in income-tax return and GST returns,” Naveen Wadhwa, DGM, Taxmann.com said.”
 
Read the full story here: Impact of changes in ITR forms, DNA

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