ITR forms for AY 2023-24 introduced Schedule VDA for crypto, expanded foreign asset reporting and AIS-driven pre-fill — still relevant for updated returns.
CBDT notified the AY 2023-24 ITR forms early — in February 2023 — to give taxpayers and software vendors more lead time. While the AY 2023-24 filing window is long closed, FY 2026-27 sees updated returns under section 139(8A) and reassessment responses still keyed off these forms. The structural changes introduced in those forms — VDA schedule, foreign asset disclosures, and TCS reconciliation — continue in later AYs.
Which ITR Form Applies
- ITR-1 (Sahaj) — resident individuals with total income up to ₹50 lakh from salary, one house property and other sources (excluding lottery and racehorses).
- ITR-2 — individuals and HUFs not having business or professional income.
- ITR-3 — individuals and HUFs with business or professional income, partners in firms.
- ITR-4 (Sugam) — individuals, HUFs and firms (not LLP) opting for presumptive taxation under sections 44AD, 44ADA, 44AE.
- ITR-5 — firms, LLPs, AOPs, BOIs, AJPs, cooperative societies.
- ITR-6 — companies other than those claiming section 11 exemption.
- ITR-7 — trusts and other entities under sections 139(4A), (4B), (4C), (4D).
Key New Schedules in AY 2023-24 Forms
The Schedule VDA was introduced for the first time, capturing every transfer of virtual digital assets — date of acquisition, date of transfer, cost, consideration and head of income. Schedule FA (foreign assets) was expanded to cover ESOPs, RSUs and beneficial ownership in offshore trusts. Schedule TDS was restructured for section 194S TCS on crypto and section 194R perquisite reporting.
Disclosure Tightening
- Detailed reporting of capital gains with quarterly bifurcation for advance tax interest computation.
- Cost Inflation Index entries for long-term capital gains on land, building, gold, debt MF.
- Section 80GGC political donation disclosures with payee details and PAN.
- Schedule SI for special rate income — VDA, 115BBE, 115BBJ winnings.
- Section 234C interest auto-computed on portal based on declared advance tax.
Pre-Fill From AIS / TIS
Starting AY 2023-24, the e-Filing portal pre-fills most salary, TDS, interest and dividend entries from AIS and TIS. Taxpayers must reconcile pre-filled data with their own records, accept or modify with reasons, and document any mismatch. Unreconciled pre-fill differences are the most common cause of section 143(1) intimations and 245 adjustments.
Updated Return Use
If a taxpayer realises an omission in their AY 2023-24 return, an updated return under section 139(8A) can be filed by 31 March 2028 (48-month window after Finance Act 2025 extension). Additional tax of 25% (within 12 months), 50% (12-24 months), 60% (24-36 months) or 70% (36-48 months) applies on top of regular tax and interest. The same form structure applies.
Conclusion
The AY 2023-24 ITR forms set the template that continues into AY 2027-28 — VDA disclosure, foreign asset detail, AIS pre-fill. For any pending or updated return, use the correct form for your income profile and reconcile every entry against AIS before submission to avoid algorithmic notices.
