Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Source wise bifurcation of interest income

The new ITR forms require separate reporting of interest income from:

a) Saving bank deposits

b) Deposits (i.e., fixed deposits, etc.)

c) Income-tax Refund

d) In the nature of pass through income

e) Others

This change will impact [ITR 1, 2, 3, 4, 5, 6, 7]

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