ITR Filing: The last date for filing income tax return is July 31, which means you will not be able to file ITR after 27 days. In such a situation, there have been some important changes in the ITR form.
The last date for filing income tax return for the financial year 2022-23 is 31 July 2023. Before this you have to file ITR, otherwise you will be allowed to file income tax return with penalty. You can file returns by visiting the official website of the 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, then you should know about these changes. This may be of use to you. Let us know what changes have taken place regarding the income tax return form.
Details of Income from Virtual Digital Assets (VDA)
Certain specifications have been added to the Income Tax Act to tax income relating to virtual digital assets from 1 April 2022. TDS under section 194S will be applicable on the transaction of crypto. The form has been modified to provide necessary disclosures regarding income from VDA. Taxpayers will have to give complete details of income from VDA.
If a person has received any income from cryptocurrency during the financial year 2022-23, then he will have to enter the details of date of purchase, date of transfer, cost and sale proceeds for the filing of tax. Along with this it is necessary to verify Form 26AS and AIS.
ARN details for claiming 80G deduction
If someone has donated during the financial year 2022-23, then he is eligible for deduction under section 80G. In this case, the ARN number of the donation will have to be given in the ITR form. Where 50 per cent deduction is allowed on donations.
Tax collection at source
Taxpayers 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 subsequently becomes a non-resident, details of taxable income from such relief are required in the ITR form.
Disclosure of income on 89A relief
Indian residents have the option to defer 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, then they will have to give details in the salary section.
Foreign Institutional Investor Information
Many other changes have also been made in the ITR form for the financial year 2022-23, such as additional information will have to be given 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.
Disclosure on Intraday Trading
As per the new ITR form, turnover and income from intraday trading will have to be reported under the newly introduced section ‘Trading Account’.