These 6 Changes Have Been Made In Income Tax Return

ITR Form Changes 2022-23: The last date for filing income tax returns is 31 July 2023. Before this you have to file ITR, else you will be allowed to file income tax return with penalty. You can file the return by visiting the official website of Income Tax Department. However, some changes have been made by the Income Tax Department as compared to last year.

These changes are not major, but if you are going to file ITR, you should know about these changes. This may be useful for you. Let’s know what changes have happened in Income Tax Return Form.

Details of income from Virtual Digital Assets (VDA).

From 1 April 2022 certain specifications have been added to the Income Tax Act for tax revenue related to virtual digital assets. TDS under section 194S will be applicable on crypto transactions. The form has been modified to provide required disclosures regarding income from VDA. Tax payers have to give full details of income to VDA.

If a person has received any income from cryptocurrency during the financial year 2022-23, he will have to enter the details of date of purchase, date of transfer, price and transaction of sale to pay tax. Along with this Form 26AS and AIS need to be verified.

ARN details to claim 80G deduction

If one has donated during the financial year 2022-23, he is eligible for deduction under section 80G. In this case, the ARN number of the donation has to be provided in the ITR form. Where 50 percent deduction is allowed on donation.

89A Disclosure of income on relief

Indian residents have the option of deferring tax on income earned from foreign retirement benefit accounts till withdrawal. Section 89A provides tax relief on income from retirement benefit accounts maintained in the country by the IT Department. If a person has claimed such relief, he has to furnish the details in the pay department.

Collection of tax at source

Tax payers are allowed to claim tax collected at source (TCS) against their income tax liability. Also, if a taxpayer has claimed relief under Section 89A in previous years and then becomes a non-resident, details of taxable income from such relief are required in the ITR form.

Information on Foreign Institutional Investors

Several other changes have also been made in the ITR form for the financial year 2022-23, such as additional information in the balance sheet in ITR-3. Along with this, the SEBI registration number will need to be shared, where the taxpayer is a Foreign Institutional Investor (FII), or a Foreign Portfolio Investor (FPI) registered with SEBI.

Announcement on Intraday Trading

As per the new ITR form, the turnover and income from intraday trading has to be reported under the newly introduced section ‘Trading Account’.

Join Our Official Telegram Channel: https://t.me/abpasmitaofficial