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Loans, card payments above Rs 2 Lakh in cash to be shown in ITR

Loans, card payments above Rs 2 Lakh in cash to be shown in ITR

Sunday, April 9, 2017, 3:09 PM

All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page Income Tax return form. The tax department a few days back notified new Income Tax Return (ITR) forms for filing of returns for the Assessment Year 2017-18 (financial year 2016-17).
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