CHANGES IN INCOME TAX RETURN FORMS – FY 2022-23 – AY 2023-24

CBDT notifies new ITR-1 to ITR-7which are consequential to the amendments made in the Finance Act and Other Laws. new ITR forms have been notified by CBDT on 10/02/2023 and 14/02/2023.

CHANGES IN INCOME TAX RETURN FORMS – FY 2022-23 – AY 2023-24

 

GENERAL INFORMATION

FII and FPI need to provide details of registration with SEBI.

 

OPT FOR NEW SCHEME

If PAN holder has already opted for New Scheme in earlier years, then provide details of Form 10E filed during such earlier years.

BUSINESS & PROFESSION INCOME

Liabilities and Assets will be linked with Tax Audit Reporting – if applicable.

Advances in Assets will be required to segregate as from relatives and others.

 

CAPITAL GAINS

Income and gain from Transfer of Virtual Digital Assets. Some of the information required to submit in the return of income are Date of Acquisition, Date of Transfer, Cost of Acquisition, Sales Consideration and Gain.

 

DEDUCTIONS:

80G – Donations – Along with Name, amount and PAN, ARN Number is also required to be submitted. Trust must file Form 10BD and 10BE. If form 10BD or 10BE are not filed by trust then ARN will not be generated and Donations credits will not be allowed while processing ITR.