Major changes in ITR-1 for FY 2022-23
The assesses will have to provide information about income from overseas retirement funds while calculating their net salary.
Major changes in ITR-2 for FY 2022-23
1. The assesses will have to provide information about income from overseas retirement funds while calculating their net salary.
2. Separate disclosure is required of interest and dividend incomes taxable under Section 115AC of bonds and GDR purchased in foreign currency.
- 3.
A new section has
been inserted for reporting of the tax deferred on ESOP received from employer
being an eligible start-up under 80IC.The details such as amount of tax
deferred in earlier A.Y., date of specified securities, date of employment
ceased, amount of tax payable in current A.Y., Balance amount of tax deferred
c/f in next AY, weather 48 months lapsed from the date sweat equity shares
allotted.
- 4.
The assesses has
to FMV of capital assets transferred by way of slum sale and fair market value
of consideration received or accruing due to transfer by way of slum sale.
- 5.
The assesses has
to disclose the foreign asset detail on calendar year basis that is till
December 2021 instead of financial year basis March.
Major changes in ITR-3 for FY 2022-23
- 1.
The assesses will
have to provide information about income from overseas retirement funds while
calculating their net salary.
- 2.
Separate
disclosure is required of interest and dividend incomes taxable under Section
115AC of bonds and GDR purchased in foreign currency.
- 3.
A new section has
been inserted for reporting of the tax deferred on ESOP received from employer
being an eligible start-up under 80IC.The details such as amount of tax
deferred in earlier AY , date of specified securities, date of employment
ceased, amount of tax payable in current AY , Balance amount of tax deferred
c/f in next AY, weather 48 months lapsed from the date sweat equity shares
allotted.
- 4.
The assesses has
to disclose the details of tax on secondary adjustments as per section 92CE
(2A) which is amount of primary adjustments on which option exercised and
amount not repatriated, amount payable and challan payment.
- 5.
The assesses has
to disclose the foreign asset detail on calendar year basis that is till
December 2021 instead of financial year basis March.
- 6.
The assesses has to
FMV of capital assets transferred by way of slum sale and fair market value of
consideration received or accruing due to transfer by way of slum sale.
Major changes in ITR-4 for FY 2022-23
- 1. The assesses will have to provide information
about income from overseas retirement funds while calculating their net salary.
- 2. In case of non-resident person having Special
Economic Presence in India the assesses has to disclose the Aggregate of
payments arising from the transaction or transactions during the previous year
as referred in Explanation 2A(a) to Section 9(1)(i) of the IT Act and Number of
users in India as referred in Explanation 2A(b) to Section 9(1)(i) of the IT
Act.
Major changes in ITR-5 for FY 2022-23
- 1.
In case of
non-resident person having Special Economic Presence in India the assesses has
to disclose the Aggregate of payments arising from the transaction or
transactions during the previous year as referred in Explanation 2A(a) to
Section 9(1)(i) of the IT Act and Number of users in India as referred in
Explanation 2A(b) to Section 9(1)(i) of the IT Act.
- 2.
Separate
disclosure is required of interest and dividend incomes taxable under Section
115AC of bonds and GDR purchased in foreign currency.
- 3.
The assesses has
to disclose the details of tax on secondary adjustments as per section 92CE
(2A) which is amount of primary adjustments on which option exercised and
amount not repatriated, amount payable and challan payment.
- 4.
The assesses has
to disclose the foreign asset detail on calendar year basis that is till
December 2021 instead of financial year basis March.
- 5.
The assesses has
to FMV of capital assets transferred by way of slum sale and fair market value
of consideration received or accruing due to transfer by way of slum sale.
Major changes in ITR-6 for FY 2022-23
- 1.
In case of
non-resident person having Special Economic Presence in India the assesses has
to disclose the Aggregate of payments arising from the transaction or
transactions during the previous year as referred in Explanation 2A(a) to
Section 9(1)(i) of the IT Act and Number of users in India as referred in
Explanation 2A(b) to Section 9(1)(i) of the IT Act.
- 2.
Separate
disclosure is required of interest and dividend incomes taxable under Section
115AC of bonds and GDR purchased in foreign currency.
- 3.
The assesses has
to disclose the details of tax on secondary adjustments as per section 92CE
(2A) which is amount of primary adjustments on which option exercised and
amount not repatriated, amount payable and challan payment.
- 4.
The assesses has
to now make disclosure of investment made in unincorporated entity such name of
entity, type of entity, PAN, audit liability of entity, 92E liability of entity
, share of profit in entity, amount of share in entity, capital balance.
- 5.
The assesses has
to disclose the foreign asset detail on calendar year basis that is till
December 2021 instead of financial year basis March.
- 6.
The assesses has
to FMV of capital assets transferred by way of slum sale and fair market value
of consideration received or accruing due to transfer by way of slum sale.
Major changes in ITR-7 for FY 2022-23
- 1.
The assesses has
to disclose the foreign asset detail on calendar year basis that is till
December 2021 instead of financial year basis March.
- 2.
The assesses has
to provide details of funds invested on the last day of previous year.
