Income Tax Slab: Big News! Income Tax return filing date and changes in ITR form, know all details

Income Tax Return: In Budget 2023, Finance Minister Nirmala Sitharaman had made several announcements. In these announcements, the Finance Minister had also made a very important announcement regarding income tax.

Finance Minister Nirmala Sitharaman had announced that in the new tax regime, tax will not be charged on annual income up to Rs 7 lakh. At the same time, now the ITR form has also been updated for the income tax return for the financial year 2022-23, in which some changes have also been made.

Income Tax Return

This time the Income Tax Department has notified Income Tax Return Form (ITR 1-6) and Income Tax Verification Form (ITR V) for the assessment year 2023-24. These forms will be used for filing return of income made in the financial year 2022-23. The last date for filing ITR for the assessment year 2023-24 is 31 July.

ITR Forms

Compared to previous years, the Income Tax Department has notified ITR forms ahead of time. At the same time, some changes have also been made in the ITR form, about which it becomes very important to know. Let us know what changes have been made in the ITR form this time.

These five changes have been made

• If you have earned any income from crypto and other virtual digital assets (VDA) in the financial year 2022-23, then you will have to report such income in a separate schedule provided in the new ITR form.
• Trading accounts now have the option to disclose turnover and income from intra-day trading.
• An option of Disclosure has also been added for persons opting for the new tax regime under section 115BAC of the Income Tax Act.
• Taxpayers have to disclose whether they are Foreign Institutional Investors or Foreign Portfolio Investors.
• A new questionnaire has been added in ITR 3 and ITR 4, in which information has to be given regarding the New Tax Regime in previous years.

While income tax, tax experts say that early notification of ITR forms is a welcome step as it will give taxpayers enough time to prepare their required information. At the same time, the new ITR forms will be applicable from 1 April 2023. At the same time, individual taxpayers will be able to file tax till 31 July 2023 this year.