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.
- 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