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HomeIncome Tax Act6 Key Changes in New Income Tax Returns forms for FY 2022-23...

6 Key Changes in New Income Tax Returns forms for FY 2022-23 / AY 2023-24:

1) Separate schedule for Crypto/VDA income

If you made any income from crypto and other virtual digital assets in FY 2022-23 then you will have to report such income in a separate schedule

Tax provisions for taxation of VDAs was introduced from FY 2022-23

2) Intraday Trading Disclosure

There is now an option to disclose turnover and income from intra-day trading in the trading accounts.

3) Old vs New tax regime

A new questionnaire in ITR 3 and ITR 4 has been added to determine if the taxpayer has opted out of the New Tax Regime in previous years.

4) Foreign Institutional Investor Disclosure

Foreign institutional investors (FII/FPI) must provide their SEBI registration number as an additional disclosure measure.

5) Balance Sheet Reporting

Advances received from individuals specified in Sec 40A(2)(b) of the Income Tax Act and others must be reported under the ‘Advances’ heading in Source of Funds

6) No common return form

The tax department has not yet made the expected announcement of a common ITR form proposed in the Union Budget 2023-24.

Team – Intellex Strategic Consulting Private Limited

www.economiclawpractice.com, www.startupstreets.com, www.buysellmergers.com, www.buzpals.com

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