Central Board of Direct Taxes: ITR-2 modifications: Wealthy taxpayers will now have to present further particulars
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The tax division is searching for particulars of Authorized Entity Identifier (LEI); any contributions made to political events, together with the date and mode of fee; and data on any deductions claimed for the upkeep, together with medical remedy, of a dependent who’s an individual with incapacity.
An LEI is a singular code for identification throughout the world monetary system. That is required for credit score of refunds exceeding ₹50 crore.
The Central Board of Direct Taxes on Friday notified ITR types 2, 3 and 5 for submitting returns for evaluation 12 months 2024-25. The extra particulars are being sought underneath ITR-2. This way is filed by resident people and Hindu Undivided Households (HUFs) with multiple home or these with earnings in extra of ₹50 lakh. Particular person taxpayers who generate earnings from a enterprise or a career should file ITR-3.
ITR-1 and ITR-6 are already notified.
ITR-4 is for resident people, HUFs and corporations, apart from LLPs, with earnings of as much as ₹50 lakh. This earnings can both be from a enterprise or a career.
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