New ITR Forms are released for the assessment year 2022-23 by the Income Tax Department, but with new information columns which taxpayers need to fill.
The new information which taxpayers need to provide is the source of their "pension, interest received from the EPF account, date of purchase or sale of land", etc. It is essential for you to know the six additional pieces of information to provide them in the ITR form.
Here Are Six Additional Pieces Of Information Asked By Income Tax Department Through ITR Forms
1. Detail Of Pension
The government is asking the taxpayers to disclose their source of pension. They will have to mention it in the ITR forms released for FY 2022-23.
Here are the options taxpayers will see after selecting the "Nature of Deployment" menu:
- "SC for state government pensioners"
- "Individuals receiving pensions from public-sector employers are eligible for PSU".
- "Others, which include pensions received by individuals, such as family pensions, EPF, etc."
2. Interest Received On PF Account
Starting from the financial year 2022-23, if the employee's contribution made towards its EPF account crosses the limit of ₹2.5 lakh, then the interest earned will be taxable.
3. Owned Land's Purchase or Sale Date
From this year the taxpayers will have to provide information regarding selling or purchasing land in the ITR forms annually. This means if you sold or purchased a piece of land between April 1, 2021, and March 31, 2022, then you will have mentioned the recorded acquisitions in this year's ITR form.
4. Mention Renovations And Any Change In Structure of the Property
Now all the renovations or improvisations or any change made in the structure of the residential property will be categorised as cost. So, taxpayers are needed to provide records of any renovations made to their residential property.
5. Details of Property Dealings Outside India
If a person is selling or purchasing a property outside India then the transactions will have to be recorded in ITR form.
6. Mention Purchase Cost And Indexed Cost
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.
Author's View:
New Forms have been notified with new additional columns so a small effort has been made to sum up all at one place so that everyone gets a glance through the changes that have been incorporated and it becomes easy for all the return filers to provide the required correct information at the right place and that the purpose of the government is also not defeated that is behind the changes that have been made.
Every effort has been taken to provide an insight about this topic and to cover all important areas of it , any suggestions and improvements will be welcomed and highly appreciated.
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