The Central Board of Direct Taxes (CBDT) has released Income Tax Return Forms for the Assessment Year (AY) 2023-24. Earlier, the central government would declare the ITR forms at the end of the financial year or the beginning of the new financial year. Adequate time will be available to all income taxpayers during early notification of ITR forms. As the Income Tax Return Forms for the financial year 2023-24 are released on time, taxpayers are expected to file soon after the end of the financial year. The Income Tax department will announce the ITR forms for the relevant financial year before march or April. Although there are no major changes in the ITR forms, there are some important minor changes that all income taxpayers should be aware of. Now let's look at the changes in the new income tax forms.
Taxpayers will be relieved as there is no change in the ITR-1 used by most people. A new schedule has been added under the heading capital Gains to provide income from virtual wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital assets in the rest of the income tax forms. This new schedule requires taxpayers to report the date of acquisition of the virtual wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital assets, the date of transfer and the cost of acquisition, and the income received on the sale of the virtual wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital assets. Income from virtual wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital assets is to be reported quarterly. Taxation on Virtual wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital Assets has been introduced from the financial year 2022-23, hence a new schedule has been added. Answers have been edited to include additional questions related to choosing a new tax system. Taxpayers are required to state whether they have opted for a new mode of taxation in the previous assessment year and also select the assessment year chosen. In addition, another question has been added asking whether the taxpayer has opted out of any new mode of taxation in the previous year.
ITR Form Types:ITR Form 1 – A person having income up to Rs 50 lakh and receiving income from salary, a house property / other sources (interest, etc.)
ITR-2 – Persons with income above ₹50 lakhs and income from house property should file
ITR-3 should be filed by persons earning income from business/profession
ITR-4 can be used by small and medium-income tax payers. It can also be used by those who earn income from small businessITR-5 is filed by LLP, BOI, and trading companies
All companies registered under ITR - 6 Companies Act 2013 should use it.
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