Saturday, January 28, 2023

New ITR Rules: The government implemented a significant reform that requires everyone who pays income tax to provide nine pieces of information.

ITR Rules Changes: The Income Tax Department has released ITR forms for the fiscal year 2021–2022 already. This time, make careful to learn about the department’s modifications before submitting your ITR.

ITR Rules Changes: If you submit an Income Tax Return (ITR) each year, then this information will be helpful to you. This time, make sure to carefully review the adjustments made by the Income Tax Department before submitting an ITR. The Income Tax Department has released income tax return forms for the fiscal year 2021–22 (the assessment year 2022–23).

The Income Tax Department hasn’t changed much this time around. Nevertheless, a few things have changed. There will be some more information that the taxpayers must supply. If you are unaware of these changes, filing your ITR may be difficult. Inform us of any information you must provide when filing an ITR.

PF Account Taxable Interest
You must pay tax on the interest received on the additional contribution if your annual contribution to the EPF account is greater than Rs 2.5 lakh. On the ITR form, you will need to provide details regarding this interest.

2. Information on purchasing or selling real estate
You must provide this information and the date if you purchased or sold any type of property between April 1, 2021, and March 31, 2022. You must include the date of the acquisition or sale in the ITR form for capital gains.

3. Information about the home’s remodeling
If you invested in home renovations, you will also need to provide this information on a yearly basis. To calculate the long-term capital gain, this expense must be subtracted from the sale price.

4. Actual Purchase Cost
You now simply needed to mention index costs when disclosing information about capital gains. But going forward, you’ll need to include both the index cost and the actual cost of the property purchase (market rate).

5. Residential status also requires this information.
The requirement to declare your residential status when filing an ITR has been implemented. You must select the support for your residential status if you are filling out an ITR-2 or ITR-3 form. You must specify how long you have resided in India in this choice.

6. Information about ESOP tax avoidance
Employees of startups would not be required to pay tax on ESOP, according to the budget for 2020. There are certain restrictions, though. The employee will now be required to disclose the amount of deferred tax when completing an ITR.

7. Foreign real estate and income

This information must be included when submitting an ITR if you own property overseas or have received dividends or interest from any foreign property. This can be done with Forms 2 and 3.

8. Information

on real estate sold abroad This information must be provided when submitting an ITR if you have ever sold any property outside of the country. Buyer information, as well as the property’s address, must be provided in the ITR file.

Read More: Investment Tips: Get RD done in these banks if you wish to receive excellent profits on risk-free investments.

9. Pensioners are given a higher status.

On ITR forms, pensioners are required to identify the source of their pension. Pensioners must select one of the alternatives from the drop-down menu under Nature of Employment. Choose Pensioners-CG if you are a central government retiree, and Pensioners-SC if you are a state government pensioner. Similar to this, Pensioners-PSU must be chosen if there are retirees from a public sector organization.
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