Income Tax Return: The new ITR form has been notified for the financial year 2022-23 and assessment year 2023-24. Let us know what major changes have taken place in it.
The Central Board of Direct Taxes (CBDT) has notified the new income tax return form for the assessment year 2023-24. Taxpayers can use this form to file ITR for the financial year 2022-23.
According to the notification issued by CBDT, the last date for filing this ITR form is 31 July 2023. Although this form was issued every time at the beginning of the financial year, but this time it has been issued earlier.
Talking about the changes, a special column has been added in this form, under which information about virtual digital asset income will have to be given. For example, complete information has to be given about the income earned on cryptocurrency.
According to experts, trading income should be segregated into intra-day trading and delivery-based trading and reported in ITR3/ITR5/ITR6.
In addition, taxpayers will have to disclose whether they have opted for the new income tax regime in the previous assessment year.
It was expected that this time a common ITR would be presented, but no common ITR has been presented towards the Income Tax Department.
