New ITR Form: This time some changes have been made by the department as compared to last year. In such a situation, if you are filing your ITR, then you should know about them. Let’s know about it in detail.
The last date for filing income tax return for the financial year 2022-23 is 31 July 2023. If you also want to avoid penalty, then you must file your ITR on time. You can file your return through the official website of the Income Tax Department. However, this time some changes have been made by the department as compared to last year. In such a situation, if you are filing your ITR, then you should know about them. Let us see at a glance about the changes related to the ITR form.
Income from Virtual Digital Assets (VDA)
The Income Tax Act has a provision to tax income from virtual digital assets from April 1, 2022. TDS will be levied under section 194S on transactions related to cryptocurrency. The ITR form for income from VDA has been revised. Taxpayers will have to give information about their income from VDA. This includes date of purchase, date of transfer, cost and sale proceeds.
ARN details for claiming 80G
A person making a donation during the financial year 2022-23 is eligible for deduction under section 80G. From this time onwards, the donor will have to give the ARN number of the donation in the ITR form. This is applicable for donations where 50% deduction is allowed.
TCS and relief under section 89A
Taxpayers can claim Tax Collection at Source (TCS) against their payable income tax. Apart from this, if a taxpayer has claimed relief under section 89A and later he ceases to be a resident, then details of taxable income from that relief will have to be given in the ITR form.
Foreign Institutional Investor (FII) Information
ITR forms for FY 2022-23 will require more information than before, such as balance sheet information for ITR-3 and SEBI registration number for taxpayers registered with SEBI as Foreign Institutional Investors (FIIs). It is necessary to do.
Disclosure on Intraday Trading
The newly introduced ‘Trading Account’ section in the ITR form will require reporting of turnover and income from intraday trading. This time before filing ITR, you must be aware of all the above mentioned things. If any of these is of use to you, then keep it in mind while filing ITR.
