If you file Income Tax Return (ITR) every year, then this news is of your use. This time, before filing ITR, take a look at the changes made by the Income Tax Department. Income tax return forms for the financial year 2021-22 (Assessment Year 2022-23) have been issued by the Income Tax Department. This time not much change has been made by the Income Tax Department. But still some things have changed. Taxpayers will have to provide some additional information. Not being aware of these changes can lead to trouble in filing ITR. Let us know about such information which you will have to give this time while filing ITR.
1. Taxable Interest in PF Account
If your contribution in the EPF account is more than Rs 2.5 lakh every year, then you will have to pay tax on the interest earned on the additional contribution. You will have to give information about this interest in the ITR form.
2. Information about buying or selling a property
If you have bought or sold any kind of property between April 1, 2021 to March 31, 2022, then you will have to give this information along with the date. In the ITR form, you are required to mention the date of purchase or sale under Capital Gains.
3. Information on Renovation of the House
If you have spent on the renovation of the house, then this information will also have to be given on year to year basis. This cost has to be deducted from the selling price to arrive at long term capital gain.
4. Actual cost of purchase
While giving information about capital gains, now you were required to mention only index cost. But from this time onwards, you will have to specify the index cost as well as the actual cost of buying the property (market rate).
5. This information is also necessary for residential status
It has been made mandatory to state the residential status while filing ITR. If you are filling ITR-2 or ITR-3 form then you have to opt for residential status support. In this option, you will have to tell how long you have been living in India.
6. Information on Tax Avoidance on ESOPs
In the budget of the year 2020, it was announced that the employees of a startup can avoid paying tax on ESOP. However, it has some conditions. This time during ITR filing, the employee will have to give information about the amount of tax deferred.
7. Property and income abroad
If you have a property abroad or have earned dividend or interest from any property present abroad, then it is necessary to give this information while filing ITR. Form-2 and Form-3 can be used for this.
8. Information on property sold outside the country
If you have sold any property outside the country, then this information will have to be given at the time of ITR filing. In the ITR filing, the buyer and the address of the property have to be given.
9. Enhanced Category for Pensioners
In the ITR form, pensioners will have to mention the source of pension. Pensioners have to choose any one of the given options in the Nature of Employment drop-down menu. If you are a central government pensioner, choose Pensioners-CG, if you are a state government pensioner, choose Pensioners-SC. Similarly, if a public sector company