Here is how new ITR forms are different from old ones - all you need to know
The Income Tax Return (ITR) forms for Fiscal Year 2022-23 have been released by the Central Board of Direct Taxes (CBDT). You can file ITR as soon as the fiscal year ends, thanks to the timely release of forms. While the tax forms largely stay the same there are a few things that have changed in the new ITR forms.
ITR Forms for Various Taxpayer Categories
The CBDT's new ITR form, ITR Form 1 can be filed by an individual with an income of up to 50 lahks from salary, property, or other sources (such as interest, etc.). ITR-2 is filed by people who are having income above ₹50 lahks and having income from their primary residence. ITR-3 is for individuals who derive their income from a business or profession.
Latest Changes in the ITR Forms
Taxpayers should be aware that the ITR forms have not changed significantly. However, there are a few notable differences that taxpayers should be aware of.
There have been no changes to ITR-1
The ITR-1 form has remained unchanged. It remains the same as before and can be filed by individuals with an income of up to 50 lakh, as well as those with income from salary, property, or other sources.
Reporting Virtual Digital Asset Income
In the remaining ITR forms, a new system for reporting Income from Virtual Digital Assets has been added under the section on Capital Gains. Taxpayers must report the date of acquisition, date of transfer, cost of acquisition, and proceeds received on the sale of VDAs under this new system. It is also important to note that VDA earnings must be reported.