INCOME TAX DEPARTMENT: TAXPAYERS WILL NOW HAVE TO GIVE ADDITIONAL INFORMATION,
NEW ITR FORMS ISSUED FOR ASSESSMENT YEAR 2022-23
Income Tax Department has recently released new ITR (Income Tax Return) forms for assessment year 2022-23 (or FY 2021-22). All the forms from ITR Form 1 to 6 are almost same as last year. No major changes have been made to these. Nevertheless, income tax payers will have to provide some additional information while filling the ITR form from this year.
In these information, information about the source of pension, interest received from the EPF account, date of purchase or sale of land, and many other information will have to be given. If you are not aware of these changes, then you may face difficulties in filling the return form. Therefore, make sure to note these changes while filling the ITR form.
1. Details of A Pension:
Pensioners will now have to provide information about the source of pension in the ITR form. If you are getting pension from the central government then you have to choose ‘Pensioners CG’. The state government will have to choose the option ‘Pensioners SC’ for pensioners, ‘Pensioners PAYU’ option for public sector company pensioners. Rest of the pensioners will have to choose ‘Pensioners Others’, which includes EPF pension.
2. Interest Accrued On EPF Account:
Beginning in assessment year 2022-23, if an employee’s contribution to the Employees’ Provident Fund (EPF) account exceeds Rs 2.5 lakh in a financial year, the interest received on the excess contribution is taxable in the employee’s hands.
3. Land Purchase Or Sale Date:
If any land is bought or sold between April 1, 2021 to March 31, 2022, then the date of purchase or sale has to be mentioned in the ITR form under Capital Gains. Apart from this, the information about the expenditure on the renovation of land or building will also have to be given every year. This expense has to be deducted from the sale price to arrive at long-term capital gains.
4. Cost Of Land And Building Improvements Per Year:
All the renovations or improvements made to the residential property will be considered a cost. This year, while filing the ITR, an individual must include year-by-year information on the cost of renovations made to their home.
5. Report The Initial Cost Of Purchase And The Indexed Cost Of Acquisition:
When reporting capital gains made during a financial year, a person was only required to include the asset’s indexed cost of purchase. The taxpayers are expected to report both the initial cost of purchase and the indexed cost of acquisition this year.
6. Details Of Property Sold Outside the country:
If an individual taxpayer has sold any property outside the country, then this information has to be given in the new ITR form. In this, information such as the address of the buyer and the property will have to be given.
7. Details of foreign assets and earnings:
If you have any assets abroad or have earned dividends or interest on any assets from abroad, then this information will have to be given in ITR Form-2 and Form-3.