The Income Tax Department recently announced new ITR (Income Tax Return) forms for the assessment year 2022–23.
The information which the taxpayers will now have to disclose is the source of pension, interest received from the EPF account, date of purchase or sale of land, and many other items. If you are not aware of these changes, then you may face difficulties in filling out the return form.
1.Details Of A Pension
Pensioners must disclose the source of their pension on ITR forms for FY 2021-22. Pensioners must choose the following options from the "Nature of Employment" drop-down menu:
SC for state government pensioners.
Individuals receiving pensions from public-sector employers are eligible for PSU.
Others, which include pensions received by individuals, such as family pensions, EPF, etc.
2.Interest Accrued On EPF Account
Beginning in assessment year 2022-23, if an employee's contribution to the Employees' Provident Fund (EPF) account exceeds Rs 2.5 lakh in a financial year, the interest received on the excess contribution is taxable in the employee's hands.
3.Land Purchase Or Sale Date
If you sold land or a building between April 1, 2021 and March 31, 2022, you must record the acquisition and sale dates in the ITR form's "Capital Gains" schedule starting this year. This information on the spending on land or building renovations must be provided annually.
4.Cost Of Land And Building Improvements Per Year
All the renovations or improvements made to the residential property will be considered a cost. This year, while filing the ITR, an individual must include year-by-year information on the cost of renovations made to their home.
5.Report The Initial Cost Of Purchase And The Indexed Cost Of Acquisition
When reporting capital gains made during a financial year, a person was only required to include the asset's indexed cost of purchase. The taxpayers are expected to report both the initial cost of purchase and the indexed cost of acquisition this year.
6.Details Of Property Sold Outside India
If an individual taxpayer sells property outside the nation, the transaction must be recorded on the new ITR form. In this, details such as the buyer's address and the property must be provided.