New ITR Form: CBDT has issued a new ITR form for filing returns for the current financial year. This time a lot of changes have been made and many more information has been sought from taxpayers. Earlier, the ITR form used to come usually by May-June, due to which a huge crowd of return filers used to gather in July.
New ITR Form: The Modi government has given many facilities to income taxpayers in this budget and has also increased monitoring in some places. Many changes have been made in the new Income Tax Return Form issued by the Central Board of Direct Taxes (CBDT).
In this, many more information related to cryptocurrency to stock market will have to be disclosed. Overall, now the Income Tax Department will keep an eye on your every expenditure and investment and a slight mistake can be huge. However, there has not been much change for individual taxpayers in the new form.
This time the Central Board of Direct Taxes notified the income tax return form very early, so that later taxpayers do not have to face the rush in filling ITR. Earlier, the ITR form used to come usually by May-June, due to which a huge crowd of returnees gathered in July and technical difficulties had to be faced.
This time, due to the early arrival of the form, taxpayers can fill the return from April 1, as soon as the financial year ends. CBDT has fixed the last date for filing returns as July 31, 2023 only.
Now these revelations will have to be done (5 points)
- In The New ITR Form, Intraday Trading In The Stock Market Will Have To Be Shown Separately, Which Will Include Your Total Turnover And Profit From It.
- Donation Given To A Trust Has Been Exempted Under Section 80G Of Income Tax, So Now The Donor Will Have To Enter A Unique Number.
- If The Deducted TCS Is Related To Any Other Person, To Whom You Have To Transfer, Then Now It Has To Be Shown In The Return Form As Well.
- Traders Will Now Have To Give Information About The Selected Regime, So That It Can Be Prevented From Going Back To The New Regime.
- If You Invest In Crypto, Then The Profit Or Loss Due To This Will Also Have To Be Told In The Return.
Special rule for partner firm also (5 points)
- In The New Return Form, If A Partnership Firm Has Added A New Partner Or The Old One Has Retired, Then It Will Also Have To Be Informed And The Date Of Change Will Also Have To Be Mentioned.
- If You Have Taken Advance From Relatives Or Friends, Then Its Information Will Also Be Included In Your Income Tax Return Form.
- The Information About The Investments Made In The Past Of A Trust Will Also Be Included In The Return Form.
- It Has Also Become Necessary To Disclose The Secret Donation Received By The Trust. Tax Will Be Levied On This Amount In Excess Of The Prescribed Amount.
- Political Parties Receiving Donations Will Now Have To Disclose The Recognition Received From The Election Commission In The Return Form As Well.
Tax on digital assets (3 points)
- Apart From Crypto, If You Buy Or Sell NFT Or Other Virtual Assets, Then That Information Will Also Have To Be Given In ITR.
- Taxpayers Who Had Earlier Adopted The New Regime Will Now Have To Give This Information In The ITR.
- Those Who Have Invested Money In Foreign Markets Or With Institutional Investors Will Also Have To Show It In ITR.
