As with every year, read this news first if you need to submit an income tax return this year or for the first time. This time, the Income Tax Department has made various adjustments and changes that taxpayers should be aware of. You must be informed of these changes made by Income Tax Department before filing your ITR correctly. Without the most recent version, there is a higher chance of errors, which could cause problems down the road.
Revenue from virtual currencies
The tax rate on income from the transfer of cryptocurrency, or digital currency, is 30%. Surcharge and cess must also be paid in addition to this. It is significant to remember that there is no benefit of any expense deduction on the income earned in this manner. On such income, you cannot file an ITR-1 or ITR-4. On such income, an ITR-2 or ITR-3 form may be completed.
In accordance with the new tax regime section 115BAC,
there is an opportunity to select the optional tax regime. Finance Minister Nirmala Sitharaman provided assistance to taxpayers under the new tax system when she unveiled the budget for 2023. However, there was no modification made to the previous tax system by the government.
Making an 80G deduction claim
Both the donation receipt and the donation certificate in Form 10BE must be available if you’re claiming a deduction under Section 80G. The taxpayer must provide information about his donation in the appropriate “Schedule 80G” of the ITR form in order to claim the deduction. Remember that the donation information has been provided in the proper table as well. During this fiscal year, ‘Table D’ has gained a new column.
information on the volume of intraday trading.
It will also be necessary to disclose any intraday trading gains or losses. Part-A Trading Account is a unique area on the ITR form for this year. You must provide specific details about your intraday trading actions here. In the ITR form, information like the turnover of intraday trading and income from it must be provided.
Making a Section 89A Relief claim
On the income from retirement benefit funds that the government holds in certain nations, Section 89A offers tax relief. If someone has requested this relief, he or she must provide accurate information about the scheduled salary.
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