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.

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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 who donates 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

to be provided in ITR Form for FY 2022-23 more than before, such as balance sheet information for ITR-3 and as Foreign Institutional Investor (FII) with SEBI It is mandatory for registered taxpayers to share SEBI registration number.

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.

The post ITR Form Updates: 5 major changes in ITR filing rules this year, Finance Ministry order first appeared on Rightsofemployees.com.

Will find out and settle Unclaimed Deposits. Banks will start a campaign to settle these unclaimed deposits from June 1 i.e. from today. It is known that if the deposit has not been operated for 10 years in the savings account or current account, or the fixed deposit has not been claimed within 10 years from the date of maturity, then they are called unclaimed deposits.

Your favorite cars have become expensive- Now Honda’s name has also been added to the list of those who have increased the price of their cars due to the rising input cost. Honda Cars India has announced that it is increasing the prices of its popular models City and Amaze by up to one percent from June. The hike will vary from variant to variant.

Electric scooters will become expensive – Electric two-wheelers in India have become expensive from June 1, 2023. This is because the discount given to the customers in the form of incentive has now been reduced from 40 percent to 15 percent, which is a big cut and due to this the price of electric vehicles will increase. Therefore, if you are planning to buy an electric scooter, then book it before June 1.

Big change related to cough medicines- After raising questions on the cough medicines of Indian Pharma companies worldwide, a big decision has been taken by the government. Exporters of cough syrup will now have to test their products in a government lab before exporting them. This rule will be effective from June 1. In this context, a notification has also been issued by the Directorate General of Foreign Trade (DGFT).

From June 1, the beginning of the sixth month of the year 2023 has already gone. With the beginning of the new month, the big government companies of the country have also released new prices of LPG cooking gas cylinders. Indian Oil has decided to make a big cut in the price of commercial gas cylinders from today.

Giving information about this on the website of Indian Oil, it has also been said that the new prices have come into force from today i.e. June 1. Prior to this, the price of commercial gas cylinders has been cut in the month of May as well. However, there has been no change in the price of LPG cylinders.

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On March 1, social media, bank loans, LPG cylinders and others can be big. At the same time, the schedule of Indian Railways has also been changed. Let us know which new rules will be applicable in March and how they can affect your monthly expenses.

Bank loan can be expensive

The Reserve Bank of India has recently increased the repo rate. After which many banks have increased their MCLR rates. This will directly affect the loan and EMI. The burden of EMI and rising loan interest rates can trouble the common man.

LPG and CNG prices hiked

Gas prices for LPG, CNG and PNG are fixed at the beginning of every month. Although the price of LPG cylinder was not increased last time, but this time it is being speculated that there may be an increase in the prices due to the festival.

change in train schedule

Indian Railways can make some changes in the schedule of trains as soon as summer approaches. The list can be made public in March. According to media sources, from March 1, the schedule of 5,000 goods trains and thousands of passenger trains can be changed.

Bank holiday

Banks will remain closed for 12 days including Holi and Navratri in March. This also includes weekly bank holidays.

Changes to the Social Media Terms and Conditions

The Government of India has recently amended the IT rules. Now, social media sites like Twitter, Facebook, YouTube and Instagram will have to comply with the new Indian rules. The new policy will be effective for posts that incite religious sentiments. The new rule may come into force in March. Incorrect posts can also result in fines for users.

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