Money Money Money: Here’s all you need to know about income tax return forms

2019-07-23 202 Dailymotion

CNBC-TV18’s Surabhi Upadhyay caught up with Mayur Shah, Partner at EY and spoke to him about ITR filing and the changes in the forms this year.

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In addition to filing a 2016 return by April 18, many taxpayers must file Form 1040-ES to pay quarterly estimated taxes on income on which no taxes are withheld, like self-employment income; interest, dividends

There are no income restrictions, and the deduction is taken “above the line” on your Form 1040 tax return, reducing your adjusted gross income, said Patrick Stark, director of financial

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Income Tax Department has issued new ITR Forms with some changes

The forms showed that Mr. Trump made $67 million in real estate royalties, $42 million in business income, $32 million in capital gains, $9 million in taxable interest