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Loans repaid in old notes to figure in income tax returns

Loans repaid in old notes to figure in income tax returns

Monday, April 10, 2017, 12:46 PM

All cash payments of over Rs 2 lakh for paying loans and credit-card bills during the 50-day period after the demonetization of high-value notes was announced on November 8, will have to be disclosed in the new one-page ITR form. The tax department a few days back notified new Income Tax Return forms for filing of returns for the Assessment Year 2017-18 (FY 2016-17).
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