New ITR forms for the AY 2023-24 and Key Changes therein
Though the uniform income tax return form is proposed in the Union Budget 2023, it appears that the same may be operational from the FY 2024-15. For the AY 2023-24, similar ITR forms as were prevalent earlier has been notified.
There are few important changes which are proposed in the new year ITR forms. Some of them are as under:
- Intraday Trading Disclosure:
There is now an option to disclose turnover and income from intra-day trading in the trading accounts.This has been necessaited by the fact that the reporting in the income tax department by the broker is of not the net figure but gross figures of purchase and sales. This reporting would result in lesser selection of such cases for the scrutiny assessment.
- 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.
- Old vs New tax regime:
Now another questionnaire has been added in the ITR 3 and ITR 4. One more column has been added to determine if the taxpayer has opted out of the New Tax Regime in previous years.
- Foreign Institutional Investor Disclosure:
Foreign institutional investors (FII/FPI) must provide their SEBI registration number as an additional disclosure measure.
- 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.