Income Tax Department has recently released new ITR (Income Tax Return) forms for assessment year 2022-23 (FY 2021-22). All the forms from ITR-1 to ITR-6 are almost same as last year. No major changes have been made to these. Nevertheless, income tax payers will have to provide some additional information while filling the ITR form from this year.
In these information, information about the source of pension, interest received from the EPF account, date of purchase or sale of land, and many other information will have to be given. If you are not aware of these changes, then you may face difficulties in filling the return form. Therefore, make sure to note these changes while filling the ITR form.
In the ITR form, pensioners will now have to give information about the source of pension. If you are getting pension from central government then you have to choose ‘Pensioners CG’. The state government pensioners have to choose the option ‘Pensioners SC’. ‘Pensioners PAYU’ option for public sector company pensioners. Rest of the pensioners will have to choose ‘Pensioners Others’, which includes EPF pension.
Date of Purchase or Sale of Land
If any land is bought or sold between April 1, 2021 to March 31, 2022, then the date of purchase or sale has to be mentioned in the ITR form under Capital Gains. Apart from this, the information about the expenditure on the renovation of land or building will also have to be given every year. This expense has to be deducted from the sale price to arrive at long-term capital gains.
Interest Received on EPF Account
If you deposit more than Rs 2.5 lakh in EPF account in a year, then tax will have to be paid on the interest earned on the additional contribution. This information will also have to be given in the ITR form.
Foreign Assets and Earnings
If you have any assets abroad or have earned dividends or interest on any assets from abroad, then this information will have to be given in ITR-2 and ITR-3.
Property Sold Outside the Country
If an individual taxpayer has sold any property outside the country, then the same will have to be reported in the new ITR form. In this, information such as the address of the buyer and the property will have to be given.