As we know a few months ago CBDT has released ITR 1 to 7 with utility for filing and a few weeks ago the instructions for filing ITR have also been issued.
There was a delay in providing the utility of filing ITR and similarly there was delay in even issuing instructions for filing of ITR.
Instructions of ITR 1 to 7 have been released together and people generally don’t read the instructions.
However instructions helps you in answering many questions related to ITR. For eg:
1. Who should use this ITR or who can file ITR 1 to 7?
2. What detail needs to be provided in a schedule. For eg: what needs to be filled in Schedule FA:
“If you are a resident in India, you are required to furnish details of any foreign asset etc. in this Schedule. This Schedule need not be filled up if you are ‘not ordinarily resident’ or a ‘non-resident’.”
3. What details needs to be filled in various columns of ITR.
4. How can you verify the Income tax return?
Thus, you can get answer to many questions relating to ITR but they still don’t have detailed answers to various questions like:
What needs to be filed in beneficial owner details?
Details to be provided in schedule FA (foreign asset)?
Is it compulsory to set off brought forward losses from current year income?
To read the Instructions you can visit e filing website and read instructions for each ITR: https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng