In Budget 2023 Finance Minister Nirmala Sitharaman announced a number of announcements. In addition, the Finance Minister made a significant announcement on income tax with these announcements. Finance Minister Nirmala S. Sitharaman declared that under the new tax regime taxes will not be assessed for incomes up to 7 lakh rupees. At the same time, it was announced that the ITR form has been revised for the tax return on income for the fiscal year 2022-23. Certain changes have been implemented.

Revenue Tax Form

This time, the Income Tax Department has notified the Income Tax Return Form (ITR 1-6)) along with the income tax verification Form (ITR V) for the tax period 2023-24. The forms will be used to file tax returns on income earned during the fiscal year 2022-23. The last day to file ITR to report the tax year 2023-24 is July 31.

ITR Formulas

In comparison to the previous years, in comparison to previous years, the Income Tax Department has notified ITR forms in advance. In addition, there have been some changes that have been made to ITR forms. ITR form and it is important to be aware. We would like to know what changes are being made to the ITR form this time around.

Five modifications were implemented.

• If you’ve made any money from crypto or other digital assets (VDA) during the financial year 2022-23, you have to report that income on a separate form as per the updated form.
• Accounts for trading are now able to report the income and turnover from trading intra-day.
• The option of disclosure is also available to people who are opting to use the new tax system under subsection 115BAC in the Income Tax Act.
• Taxpayers have to declare their status as Foreign Institutional Investors or Foreign Portfolio Investors.
• A new questionnaire has been included in ITR 3 and ITR 4 where information is to be included concerning how to apply the New Tax Regime in previous years.

When it comes to income tax.

Tax experts believe that the early announcement to prepare the ITR form is considered to be a good step because it will allow taxpayers time to gather the required details. However, forms are being updated. The new forms will be in effect starting on April 1st, 2023. In addition, individuals are able to submit tax returns until 31 July 2023 in this fiscal year.

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