For businesses, an audit is generally required when turnover exceeds ₹1 crore in a financial year.
One of the biggest changes is the expansion of eligibility for ITR-1 and ITR-4.
Taxpayers are advised to review the new requirements carefully and file early to avoid last-minute complications.
Here are some important changes that simplify and clarify the ITR filing process this year.
ITR 5 is used by partnership firms and LLPs.