The Income Tax Department, very recently, has released ITR forms- Income Tax Return forms (ITR 1-6) and Income Tax verification form (ITR V) for all individuals and businesses to file an income tax return for the income made in FY 2022-23.
The last date decided for ITR filing for the assessment year 2023-24 in July. Thus, the income tax department, this year, has released the revised ITR forms with a comparison to the previous years. For instance, last year, the CBDT notified the ITR forms for AY 2022-23 on March 30.
Major Changes in ITR Forms 2023
New Schedule for Crypto or VDA Income
A new schedule is introduced in the ITR form for all the income generators earning through crypto trading or any other virtual digital assets to mention their income.
“The new ITR 1 and 2 forms notified by the CBDT are broadly similar to that of the previous year with some additional details required to be filed for VDA assets. There is a separate schedule for VDA that requires details like date of acquisition, date of transfer head under which income to be taxed (Capital Gain), cost of acquisition (In case of gift; a. Enter the amount etc to be filled in by a person who is in receipt of amounts) for transfer of VDA. Other minor tweaks are in the general info section and TCS section,” stated Arti Raote from Deloitte India.
Minor Changes
- The new option is mentioned in the ITR forms for the traders to disclose their turnovers and income earned from buying and selling of shares.
- A new option for disclosure for taxpayers who have adopted a new tax regime under Section 115 BAC of the Income Tax Act.
Also read:
Loan Against Property: Eligibility Criteria, Interest Rate, Required Documents
List of All Notified ITR Forms 2023:
- ITR 1: Also called Sahaj, is for all individuals earning a total income of up to ₹50 lahks.
- ITR-2: is for all the individuals or HUFs earning from the profit or gains of their profession or business.
- ITR-3, ITR- 4 or Sugam, ITR-5 and ITR-6
