HomeIncome TaxAttention Taxpayers: The Latest ITR Rules Revealed!

Attention Taxpayers: The Latest ITR Rules Revealed!

The department has made several adjustments this time around compared to last year. If you are filing your ITR in this circumstance, you should be aware of them.

The deadline to file an income tax return for the fiscal year 2022–2023 is July 31 of the following year. You must submit your ITR by the deadline if you also wish to avoid penalties. Through the Income Tax Department’s official website, you can submit your return. In contrast to last year, the department has made certain modifications this time. If you are filing your ITR in this circumstance, you should be aware of them.

Let’s quickly review the changes that have been made to the ITR form.

Virtual digital asset (VDA) income

From April 1, 2022, the Income Tax Act will begin taxing income from virtual digital assets. TDS will be assessed under section 194S on cryptocurrency-related transactions. The ITR form for VDA income has been updated. Taxpayers will be required to provide details on their VDA income. This covers the cost, the date of acquisition and transfer, and the revenues of the sale.

TCS and Section 89A Relief

Taxpayers may claim their payable income tax by claiming Tax Collection at Source (TCS). In addition, if a taxpayer has requested relief under section 89A and later ceases to be a resident, information regarding the taxable income received as a result of that relief must be included in the ITR form.

Information on intraday trading

The ‘Trading Account’ section of the ITR form, which was recently added, will demand reporting of turnover and income from intraday trading. You must be aware of everything indicated above this time before submitting an ITR. If any of these are helpful to you, keep them in mind while filing your ITR.

Details for claiming 80G via ARN

A person may deduct their charitable contributions under section 80G if donations are made within the fiscal year 2022–2023. From this point on, the donor must include the donation’s ARN number in the ITR form. This applies to donations for which a 50% deduction is permitted.

Information on foreign institutional investors (FII)

For the fiscal year 2022–2023, more Foreign Institutional Investor (FII) information will be supplied in the ITR Form, including balance sheet information for ITR-3 and as a Foreign Institutional Investor (FII) with SEBI. Sharing a SEBI registration number is required of all registered taxpayers.



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