Finance Minister Nirmala Sitharaman gave a big relief regarding Income Tax in the budget . He exempted income up to 7 lakhs from tax in the new income tax regime. At the same time, the Income Tax Department has notified forms one to six for filing ITR for individuals and businesses for the financial year 2022-23 and assessment year 2023-24. The Central Board of Direct Taxes (CBDT) has notified ITR Form 1-6, ITR-V (Verification Form) and ITR Acknowledgment Form through a notification dated 10 February.
The special thing in this time's ITR form is that separate details have to be given about Virtual Digital Asset (VDA), which especially includes cryptocurrencies. Now information has to be given that how much cryptocurrency you have bought or sold in the year 2022-23. How much did it cost? You will have to give information about how much capital gain you have made on selling it.
It was announced in Budget 2022 that income from transfer of any virtual digital asset is taxed at the rate of 30%. In addition, TDS of one per cent will be payable at source on any payment made in connection with the transfer of virtual digital assets. Experts say that the CBDT has notified the income tax return form for the assessment year 2023-24 (for income earned in 2022-23) very quickly. This will help the tax payer to prepare his return of income. Last year such forms were notified in the first week of April.
ITR-1 and ITR-4, which are used by a large number of small and medium taxpayers, have been simplified.ITR-1 form has to be filed for income up to Rs 50 lakh and income from salary, one house property and income from other sources including interest. Now the CBDT has simplified it for individuals having an annual taxable income of less than Rs 2.5 lakh under section 139(1). Now such people are not required to notify their ITR form. This will also apply to FDs above Rs 1 crore.
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