That is, it is very important for you to file ITR by July 31, 2023, after that you may have to pay Rs 5,000 as penalty for filing ITR. Explain that those who earn more than the basic exemption limit of Rs 2.5 lakh annually, they will have to submit their ITR before the deadline. However, persons having taxable income up to Rs 5 lakh who are eligible for exemption are exempted from paying tax. The government had extended the ITR reporting deadline from July 31 to September 30 last year due to various reasons. However, no date has been given yet for the extension of this year.

Have to pay this much penalty

If the deadline for filing ITR is missed, then you will have to pay Rs 5,000 as late fee under Section 234F of the Income Tax Act. If the total income is less than Rs.5 lakh then you will have to pay Rs.1000. On the other hand, if you submit your return after the deadline, you will have to pay interest under section 234A at the rate of 1% every month or a fraction of a month on the outstanding tax balance.

In this situation you can file belated return

If the ITR filing deadline passes unnoticed, you can file a belated return after the deadline. You will not be able to carry forward the loss for subsequent adjustments, but will still have to pay late fee and interest.

Can make up the difference with next year’s income

If you have incurred losses on investments in stocks, mutual funds, real estate, or any of your ventures, you can carry them forward and make up the difference with next year’s income. As a result, your tax liability will be greatly reduced. Adjustment of loss is allowed only if you include the declaration of loss in your ITR and submit it to the Income Tax Department by the due date.

The post Income Tax Return New Form: Big news! New ITR forms will come from April 1, these rules have to be kept in mind first appeared on Rightsofemployees.com.

New Delhi. If you are an income tax payer and apart from job or business, you also earn from Virtual Digital Assets and share market, then you will have to give this information to the Income Tax Department. Due to the provisions included in the Finance Act last year, some changes have been made.

Therefore, from April 1, 2022, tax will be levied on the profit made on transactions in virtual digital assets. The Central Board of Direct Taxes had notified income tax return forms for assessment year 2023-24 earlier this month.

These forms are to be used for filing return for income earned during the financial year 23, which ends on 31st March. “For the convenience of taxpayers and ease of filing, no significant changes have been made in these forms as compared to last year’s ITR forms,” the CBDT said in a statement. Due to amendments in the Income Tax Act, 1961 only the minimum changes required have been made.”

VDA schedule given in ITR

Now information about the tax levied on digital assets will have to be given in the ITR forms. From July 1, 1 percent TDS will be deducted on transactions of more than Rs 10,000 in assets like cryptocurrency and non-fungible tokens. Tax expert Vivek Jalan told Money Control that now ITR2/ITR

3/ITR5/ITR6 separate VDA schedule is given. In this, the earnings from virtual digital assets have to be told. Under the new schedule, information related to VDA transactions will have to be filled.

At the same time, those trading in the equity market i.e. stock market may need to provide additional information. Jalan said, “Now, when share trading business is carried out, the entire business should also be divided into intra-day trading and delivery-based trading and reported accordingly in ITR3/ITR5/ITR6.”

Explain that it was announced in Budget 2022 that the sale / transfer of virtual digital assets

The income from this will come under the tax net of 30 per cent. Also, during the transfer of virtual digital assets, 1 percent TDS will be applicable on transactions exceeding a limit.

The post Income Tax Filing: New ITR forms have been issued, know in which form the details of ‘digital assets’ will have to be given..? first appeared on Rightsofemployees.com.