CHANGES IN ITR FORMS FOR THE A.Y 2023-24
New ITR forms for AY 2023-24: The Income Tax Department has notified Income Tax Return forms (ITR 1-6) and Income Tax verification form (ITR V) for the assessment year 2023-24. These forms will be used for return filing for income made in FY 2022-23.
The last date for filing for AY 2023-24 is July 31. The tax department has notified the ITR Forms for AY 2023-24 early compared to previous years. Last year, the CBDT notified the forms for AY 2022-23 on March 30. Let’s look at the most important points which are included in ITR Forms.
This article tells us about 6 Major changes in ITR Forms for the A.Y 2023-24
1.ITR forms notified for AY 2023-24
The Income Tax Department has notified income tax return forms —ITR 1-6 and income tax verification form (ITR V) for the assessment year 2023-24. Taxpayers can use these forms to file their income tax returns for the financial year 2022-23.
2. When is the last date to file an income tax return for FY2022-23?
The last for filing the income tax return for the assessment year 2023-24 or financial year 2022-23 is July 31, 2023. The income tax department has notified the ITR forms for FY2022-23. early compared to previous years.
3. Separate section for VDA
The income tax return forms for AY 2023-24 include a separate section for income from virtual digital assets, including cryptocurrency. The new schedule for virtual digital assets in the ITR forms requires details such as date of acquisition, date of transfer head under which income is to be taxed (capital gains), cost of acquisition (in case of gift; a) Enter the amount on which tax is paid under section 56(2) if any, b) In any other case cost to previous owner), income from transfer of virtual digital assets (enter nil in case of loss) for transfer of virtual digital assets.
4. Minor changes taxpayers must know
– The income from trading has to be bifurcated into intra-day trading and delivery-based trading also and reported accordingly in ITR3/ITR5/ITR6, said experts.
-Further, taxpayers have to disclose whether they have opted for the new income tax regime in the previous assessment year. They also have to select the assessment year it which the new income tax regime has opted.
5. ITR forms notified well in advance:
“ITR forms have been notified well in advance this year, a very welcome move and a step further towards ease of compliance. This will help taxpayers to be well prepared on the disclosures and reporting requirements in the tax return forms,”
6.No common ITR form:
The income tax department has not made any announcement regarding the common ITR form proposed in the Union Budget 2023.
“Considering that the notified ITRs for AY 2023-24 are separate ITR forms and not the common ITR as proposed, it is expected that the work on the Common ITR Form may still be in the pipeline.