Income Tax News: Like every year, if you are going to file Income Tax Return this year or you have to file ITR for the first time, then read this news first. This time some changes and updates have been made by the Income Tax Department, about which tax payers should know. Before filing ITR in the right way, you need to be aware of these changes. If there is no latest update, the possibility of mistakes increases, due to which you may face problems in future.
Income from digital currency
Income from transfer of digital currency ie crypto is taxed at the rate of 30 percent. Along with this, surcharge and cess will also have to be paid. It is important to note that there is no benefit of deduction of any expenditure on the income earned in this way. You cannot file ITR-1 or ITR-4 on such income. ITR-2 or ITR-3 form can be filled on such income.
There is an option to choose the optional tax regime under the new tax regime section 115BAC. Presenting the budget for the year 2023, Finance Minister Nirmala Sitharaman gave relief to tax payers under the new tax regime. However, no change was made in the old tax regime on the part of the government.
Claiming deduction under 80G
If you are claiming deduction under section 80G, donation receipt and donation certificate in Form 10BE must be available. To claim the deduction, the tax payer has to furnish details of his donation in the applicable ‘Schedule 80G’ in the ITR form. Also, keep in mind that the information about donation has been given in the correct table. A new column has been added in ‘Table D’ in this financial year.
Information about intraday trading turnover Information
about profit or loss from intraday trading will also have to be given. This year’s ITR form includes a special section Part-A Trading Account. Here you need to give separate information about your intraday trading activities. There is a need to give details like turnover of intraday trading and income from it in the ITR form.
Claiming Section 89A Relief
Section 89A provides relief from tax on income from retirement benefit accounts held in specified countries by the authorities. If a person has claimed such relief, then he will have to give correct information in the schedule salary.
