The Central Board of Direct Taxes (CBDT) has released the Income Tax Return (ITR) forms for the financial year 2022-23. You can file ITR as soon as the financial year ends, thanks to the timely issuance of the form. While the tax forms largely remain the same, a few things have changed in the new ITR form.
ITR Forms for Different Taxpayer Categories
CBDT’s new ITR form, ITR Form 1 can be filed by a person having income up to 50 lakhs from salary, property or other sources (like interest etc.). ITR-2 is filed by those whose income exceeds Rs 50 lakh and has income from their primary residence. ITR-3 is for those who derive their income from any business or profession.
Read also: CBDT issues Income Tax Return Form for FY 2022-23
Latest Changes in ITR Form
Taxpayers should know that there is no significant change in the ITR form. However, there are some notable differences that taxpayers should be aware of.
No changes have been made in ITR-1
No changes have been made in ITR-1 form. It remains the same as before and can be filed by individuals having income up to 50 lakhs as well as individuals having income from salary, property or other sources.
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Reporting of virtual digital asset income
A new system has been added under capital gains section for reporting income from virtual digital assets in the remaining ITR forms. Taxpayers will have to report date of acquisition, date of transfer, cost of acquisition and income realized on sale of VDA under this new system. It is also important to note that VDA earnings must be reported.