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<ul><li>You must disclose income from virtual digital assets (VDA)s such as <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>, non fungible token (NFT)s and more in the ‘schedule VDA’ provided in the <keyword id="6374875" type="General" weightage="20" keywordseo="itr" source="Orion">ITR</keyword> form. </li><li>Schedule VDA requires information such as the acquisition date, transfer date, category of income for taxation, acquisition cost in the case of a gift, and consideration received. </li><li>The donation reference number (ARN), obtained from the form 10BE donation certificate must be included in the ITR to avail 80G deductions. </li></ul>With the <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> filing deadline less than a month away, you need to ensure you are up-to-date on all the changes that are applicable this year. While modifications in tax and taxability of income from insurance policies (other than ULIPs) are among the most notable changes that have drawn a lot of attention, there are a couple of lesser known changes one should be aware of when filing one’s taxes. We take a look at these changes. The first is about disclosing income from virtual digital assets (VDAs) such as cryptocurrencies. “The taxpayer must disclose income from VDAs such as cryptocurrencies, NFTs, and so on in the "schedule VDA" provided in the ITR form,” says Aashish Sharma, co- founder and litigation head, Lex N Tax, a tax consultancy firm. Schedule VDA requires information such as the acquisition date, transfer date, category of income for taxation, acquisition cost in the case of a gift, and consideration received. “Those who get VDA income are not eligible to file ITR-1 or ITR-4. Such income can instead be declared in ITR 2 or ITR 3. Further, income from VDAs can be taxed either under the head of business income or capital gains,” says Sharma. Budget 2022 had introduced new NFT (non fungible token) and VDA regulations. The transfer of such assets will be subject to an income tax rate of 30% plus a surcharge and a levy beginning April 1, 2022, as per recent regulations. “TDS will be deducted at 1% of the sale price beginning July 1, 2022. This tax will be deducted by the developer, intermediary, broker or donor. The taxpayers cannot set off losses or carry forward the losses within crypto or from different heads,” says Suneel Dasari, founder and chief executive officer at EZTax, a tax portal. <cmsannotation type="cmsannotation" annotationid="Provide details of donation reference number to avail 80G deductions" comment="subhead" text="Provide details of donation reference number to avail 80G deductions">Provide details of donation reference number to avail 80G deductions</cmsannotation> To avail a deduction under <keyword id="1667689" type="General" weightage="20" keywordseo="section-80g" source="Orion">Section 80G</keyword> for donations made to charitable institutions, non governmental organisations or research universities, it is crucial to possess the donation receipt, and the donation certificate in Form 10BE. Taxpayers must provide the necessary information regarding their donations in the relevant 'Schedule 80G' within the ITR form in order to claim the deduction. “All approved u/s 80G charitable institutions, NGOs, and research universities must submit Form 10BD for all donations received during the fiscal year. They must also provide form 10BE to the recipients,” says Dasari. Form 10BE, containing a unique registration number, will be issued to benefactors after form 10BD has been filed by the institution. It is essential to enter donation details accurately in the appropriate table while filing the ITR. There is a new column under Table D for disclosing the donation reference number (ARN) for donations made to eligible entities where a 50% deduction is allowed, subject to the qualifying limit. The ARN, obtained from the form 10BE donation certificate issued by the institutions who received the donation, must be included in the ITR. This has been implemented to match donor and donee records and reduce the prevalence of fraudulent donations claims.

Two new tax rules you should be aware of when filing your taxes

<ul><li>The <keyword id="6374875" type="UNKNOWN" weightage="20" keywordseo="itr">ITR</keyword> forms now require additional details </li><li>There are changes in the <keyword id="3690072" type="PERSON" weightage="20" keywordseo="LTCG-tax">LTCG tax</keyword>, surcharge on total income, tax on income from house property and tax slabs </li><li> The deadline to file the returns is 31 July. </li></ul> The 2017 <a href="https://www.indiabudget.gov.in/">Budget</a> made a lot of changes in the filing of <keyword id="6355828" type="UNKNOWN" weightage="20" keywordseo="income-tax-returns">Income Tax Returns</keyword>. It is important to take care of these <a href="https://www.moneycontrol.com/news/business/personal-finance/here-are-some-important-changes-in-itr-filing-process-that-you-should-not-ignore-as-you-file-your-returns-2764231-7.html">changes </a>so that you can save yourself the effort and time of filing a revised return in case you commit any errors. The deadline to file the returns is 31 July. Tax slab decreases Income is categorised into different groups based on its amount and each such group is known as tax slab. Tax is charged at different rates for different slabs. The <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">income tax</keyword> slab rates have changed for the Annual Year 2019. For individuals with taxable income between ₹2.5 - 5 lakh, the tax has been reduced from 10% to 5%. The tax slab for individuals earning ₹5 - 10 lakh, and for those with income above ₹ 10 lakh, remain 20% and 30% respectively. Modification in tax on income from house property Section 24B allows you, as an individual, to make certain deductions from the net annual value of your house property. In the previous year, the entire amount was allowed to be deducted under Section 24B on the interest paid on home loan. However, it has now been restrict to ₹2 lakh. Furthermore, earlier a complete loss set-off from your house property was allowed. There was no ceiling on the amount. However, now the loss has been restricted to ₹2 lakh in one financial year. The remaining loss can get carried forward for the next eight years. Amendments in LTCG tax Earlier, long-term capital gains (LTCG) tax was claimed on an immovable property with the holding period of three years. It has now been reduced to two years, from AY19. Furthermore, the base year for tax indexing for determining the LTCG tax has been revised from <a href="https://economictimes.indiatimes.com/wealth/tax/budget-2017-shifted-indexation-calculation-base-to-2001-who-gains/articleshow/57034487.cms">1981 </a>to 2001. This means that the purchase price of an asset bought before 1 April 1981 could be calculated on the basis of the fair market value of 1981, however, from now onwards, the purchase price will be calculated based on the fair market value of 2001. New surcharge on total income Earlier the surcharge was 15% of income tax, only if the total income exceeds ₹1 crore. From AY19 a 10% surcharge will be applicable if the total income is between ₹50 lakh and ₹1 crore. If the income exceeds ₹1 crore, a surcharge of 15% would be required. Also, Section 87A earlier provided a rebate up to ₹5,000, but the same has been lowered down to half the amount, that is, upto ₹2,500. Need of additional details in ITR forms Sahaj or ITR-1 form, used by most of the salaried class, will now require additional details related to the break-up of your salary, such as details of perquisites, allowances etc. It would also require detail of income from your property including rental income, tax given to local authority, etc. Also, in the new ITR form, details of the exemption of capital under section 54 of the Income Tax Act need to be mentioned separately in relevant columns. Furthermore, the old ITR-4S tax form, mostly for businesses, has been renamed ITR-4 and would now need additional details such as secured/unsecured loan details, fixed assets, capital account, etc. Turnover details and GST declaration Taxpayers have to specify the exact turnover details while filing Goods &amp; Services Tax (GST) and would further need to mention the GST detail while filing their ITR. General advice <ul><li>You should keep all important documents in one place before you begin to file your returns. It will save time and reduce errors. </li></ul><ul><li>You must also claim all tax benefits and deductions properly, even if you forgot to mention them in your tax declaration. </li></ul><ul><li>You must note whether the interest you earn from your recurring deposits (RD) and fixed deposits (FD) are fully taxable at the applicable slab rates or not. Interest earned up to ₹10,000 from savings bank account is exempt under Section 80TTA.</li></ul>

Keep these changes in mind while filing your ITR to prevent errors

All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page Income Tax return form, according to a PTI news report. 
 
The tax department a few days back notified new Income Tax Return (ITR) forms for filing of returns for the Assessment Year 2017-18 (financial year 2016-17). 
 
Besides providing for declaring income, exemption claimed and tax paid, the forms have a new column providing for declaration for any deposit of over Rs 2 lakh in bank accounts made during November 9 and December 30, 2016 after the old 500 and 1,000 rupee notes were demonetised. 
 
This column is also to be used for declaring cash payments in excess of Rs 2 lakh for repayment of any loan or settlement of credit card bills during this 50-day period, a senior official told PTI here. 
 
"The column is an attempt to match the cash deposits made post demonetisation with the annual income," he said. 
 
While all credit cards are linked to permanent account number (PAN) of the holder, almost all loans by scheduled banks are also provided on furnishing of PAN. 
 
The tax department will collate the data it has of cash payments made in excess of Rs 2 lakh with the returns filed. "We want to see if the income profile matches with the cash payments made," he said. 
 
The move comes amid concerns of unaccounted cash or black money being used to settle bills after credit cards were used to make heavy purchases. It could also be that black money could have been used to repay loans. 
 
Post-demonetisation, the government had provided a 50-day window beginning November 9, 2016 to deposit the junked notes in bank accounts. For those with unaccounted cash, it gave them one last opportunity to come clean by depositing 50 per cent of it as tax and parking another 25 per cent in a zero- interest bearing deposit for four years. 
 
The changes made in ITR are an attempt to catch tax evaders, the official said. 
 
Revenue Secretary Hasmukh Adhia had last week told PTI that the new column of cash deposits made during November 9, 2016 and December 30, 2016 was a one-time feature in the ITR and would not be there in the ITR from next year onwards. 
 
The ITR, he had said, would evolve or change every year depending on the need. 
 
While coming out with new ITRs, the CBDT had also rationalised them and cut down the number of forms to seven from earlier nine. 
 
While all taxpayers will have to now mandatorily link Aadhaar with their PAN cards, ITR1 (Sahaj) form has been shortened from 7 page to 1 page to enable filing of returns by people with income up to Rs 50 lakh by July 31. 
 
ITR2 is to be filed by individuals and HUFs who do not have income from business or profession and ITR3 is filed by individuals and HUFs having income from a proprietary business or profession. 
 
Also ITR 2 and ITR 3 also have a Schedule AL which require assessees to declare their assets and liabilities at the end of the fiscal. 
 
ITR4 (Sugam) is filed by those individuals who have opted for income calculation under presumptive income from business and profession.

Loans,
card payments above Rs 2 Lakh in cash to be shown in ITR

The <a href="http://www.businessinsider.in/searchresult.cms?query=CBDT">Central Board Of Direct Taxation (CBDT) </a>is now planning to provide pre-filled forms for the purpose of <a href="http://www.businessinsider.in/searchresult.cms?query=Income+Tax+Returns">Income Tax Returns (ITRs)</a>. With this ‘pre-filled’ feature, the user’s data on income and other vitals will automatically reflect on the website. 
 
 
The apex policy-making body of the Income Tax department is aggressively working on the project and is planning to launch it in the next financial year. 
 The customer-friendly measure has come in the backdrops of the new e-filing system – introduced in August – which allows online <keyword id="6374875" type="ORGANIZATION" weightage="20" keywordseo="ITR">ITR</keyword> verification; all that you need is a valid Aadhaar number, internet banking, ATM among others. 
 
Taxpayers who have an income of less than Rs 5 lakh and without claims of refund can now generate an electronic verification code on the e-filing website of the tax department, which is later sent to their registered email to e-verify the return. 
 Anita Kapur, <keyword id="128665" type="ORGANIZATION" weightage="20" keywordseo="CBDT">CBDT</keyword> Chairperson said, "We are looking at a possibility of making more entries for a pre-filled form so that it becomes more easier for the taxpayer to file an e-return. We want to ensure that when technology moves, we can always bring in better facilities to make the life (of taxpayers) even easier." 
 
Kapur also said that these technology upgrades are proposed to be initially started for small taxpayers who file the one-page ITR (ITR 1) and the thinking in the department is that when the data of income as per previous records is automatically uploaded, then the taxpayer can file their ITRs quickly and wherever there are any amendments or changes, those can be corrected by the taxpayer himself. 
 
She also ensured that taxpayers will be able to change and correct their figures in the new system. 
Image: thinkstock

Soon your Income Tax form will come pre-filled

<ul><li>The deadline for filing <keyword id="6355828" type="UNKNOWN" weightage="20" keywordseo="income-tax-returns">income tax returns</keyword> (<keyword id="6374875" type="UNKNOWN" weightage="20" keywordseo="itr">ITR</keyword>) in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> has been extended from July 31 to August 31.</li><li>This is the first time that there are penalties in play for filing a late ITR. </li><li>The extension of ITR deadlines is a repeated trend in India. </li></ul>It has, more or less, become a trend of the <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">Income Tax</keyword> department to extend the deadline on filing income tax returns (ITR). This year the original deadline July 31 had been extended to August 31. <div type="twitter" handle="FinMinIndia" handlename="Ministry of Finance" image="http://pbs.twimg.com/profile_images/829993628365791232/uQ29BFxq_normal.jpg" favoritecount="2007" retweetcount="1094" status="Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Inc… https://t.co/CJcrf2anyp" createdat="1532607726000" id="1022457026163630080"></div>

 In the past, when such incidents took place, the government at least offered an explanation as to why. Just last year it was due to the fact that the PAN and Aadhaar cards hadn’t been linked yet. The year before that it was a strike followed by a holiday. In fact, in 2015, the deadline was extended twice.The first time it was due to the fact that forms had changed and the second time was due to the slowdown of e-services. There was some confusion over what the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> means by ‘said categories’ without specifying any categories whatsoever. But consensus dictates that the same categories of taxpayers that had to file their returns by July 31, will now be able to do so till August 31. Enforcing deadlines Until last year, there wasn’t any penalty issued for filing an ITR late but for 2018-19, there’s a new addition to the Income Tax Act. Section 234F states that in due dates are violated than an individual would have to pay a fine of up to Rs 10,000. That being said, if an individual’s income is less than Rs 500,000, if a late fine is incurred it won’t be anymore than Rs 1,000. <div type="image" title="ITR" msid="65165660" hostid="261"></div>

ITR filing deadline extended yet again

New Delhi, Jan 9 () Rolling back its week old order, the Income Tax Department on Thursday allowed joint owners of single house property to file income tax return using simple Form-1 (Sahaj) or Form-4 (Sugam).
On January 3, it had debarred individual taxpayers owning house property in joint ownership and those who paid Rs 1 lakh in electricity bills in a year or incurred Rs 2 lakh expense on foreign travel from filing their annual income return using the simple return forms.
"After the notification, concerns have been raised that the changes are likely to cause hardship in the case of individual taxpayers," the Central Board of Direct Taxes (CBDT) said in a statement.
The department said the issue was examined and "it has been decided to allow a person, who jointly owns a single house property, to file his/her return of income in ITR-1 or ITR-4 Form, as may be applicable, if he/she meets the other conditions".
"It has also been decided to allow a person, who is required to file return due to fulfilment of one or more conditions specified in the seventh proviso to section 139 (1) of the Act, to file his/her return in ITR-1 Form," it added. ANZ BAL
BAL

Tax Dept rolls back order; allows joint property owners to file returns using simple forms

As the deadline to file <keyword id="6354751" type="General" weightage="20" keywordseo="Income-tax" source="Orion">Income tax</keyword> returns inches closer, 41 per cent of Indians who qualify to file the return are yet to file their papers for FY 2021-22, 22 per cent say it is difficult to file it by the July 31 deadline, and about 10 per cent were facing technical glitches, a new report showed on Thursday. However, 59 per cent respondents said they already filed their tax returns, which is a considerable improvement on the findings from a week ago on July 20, according to data provided by community social media platform <keyword id="6379818" type="General" weightage="80" keywordseo="localcircles" source="Orion">LocalCircles</keyword>. In an earlier survey, LocalCircles found that 54 per cent of the respondents were yet to comply with the requirement to file tax returns by this month's end, of which 37 per cent remained uncertain if they will be able to meet the deadline. The new survey revealed that 13 per cent respondents require "significant effort" to meet the deadline and 9 per cent admitted that it would be impossible to meet the deadline, which the government has indicated would not be changed. Of those still striving to file their <keyword id="6374875" type="General" weightage="80" keywordseo="itr" source="Orion">ITR</keyword>, 10 per cent of respondents complained of "difficulty in filing" but expressed keenness to do so. The Income Tax department, through a tweet, informed the public that "more than 3.4 crore ITRs for AY 2022-23 have been filed on e-Filing portal till 26th July, 2022. The due date to file ITR for AY 2022-23 is 31st July, 2022. We urge you to file your ITR at the earliest, if not filed as yet. #FileNow!". During the pandemic, the government had extended the deadline for filing ITRs for two consecutive fiscal years to ease taxpayers' hardship. In the last fiscal year (2020-21), the filing date was extended till December 31, 2021. The government this year warned that those who will miss the July 31 deadline for filing their returns will have to pay fine-cum-late fee of Rs 5,000 if their taxable income is more than Rs 5 lakh and Rs 1,000 if the taxable income is less than Rs 5 lakh. The survey included 11,000 responses received from citizens across 306 districts in the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/lic-loses-1-21-lakh-crore-value-since-listing/articleshow/93185778.cms">LIC loses ₹1.21 lakh crore value since listing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/this-tech-startup-is-fighting-human-trafficking-one-game-at-a-time/articleshow/93184116.cms">This tech startup is fighting human trafficking, one game at a time</a>

41% income taxpayers yet to file IT return, 10% facing tech glitches

As per the regulations put in place by the Income Tax Department, individuals are expected to file Income Tax Returns (ITR) on or before July 31 of every financial year. For example, if you are filing the income tax returns of Financial Year 2018-19 which ends on March 31, 2019, you must do the filing on or before July 31, 2019. Here we discuss how to file income tax returns for the previous years if you have missed them out. Filing <keyword id="104359" type="PERSON" weightage="20" keywordseo="income-tax-return">income tax return</keyword> for the previous years As per the Finance Act amendment 2016, it is possible to file the delayed IT returns any time before 1 year after the corresponding assessment year has ended. What to do if you get a late payment notice? If the income tax department sends you a late payment notice directing you to tile the returns that stretch beyond 2 financial years in the past, you can prepare your tax returns accordingly and submit it to the department. Taxpayers are expected to file old returns when they get an IT notice. Starting from AY 2018-19, the time limit allowed for filing a revised IT return has been reduced. If you need to make some changes in the original like rectifying the omission or correcting the errors, you must do so before the end of the corresponding AY. Till AY 2017-18, the time limit of 1 year was allowed for filing a revised return from the end of the corresponding AY. What are the negative sides of filing belated IT returns? When you file IT returns late, you are supposed to pay the interest as per the sections 234A, 234B and 234C. If the It returns are filed on or before 31 March of the corresponding AY, a fee of Rs 5,000 will be charged under Section 234F. After this date, the fine will go up to Rs 10,000. How to file the missed returns? The Finance Act 2016 amendment has created provisions to file the IT returns once the taxpayer has missed out the due date. Filing the missed returns in allowed only in some specific cases. Requests for filing income tax returns for the previous years are accepted if the IT department finds that your case is genuine, based on some real difficulties, a refund is due on account of excess tax deduction or TDS or advance tax or self-assessment tax. Delayed IT returns can be filed for the previous years within a period of six years from the end of the assessment year. For example, if you have missed it out, you can file the IT returns of March 31, 2019 up to March 31, 2024. If you have not paid the tax for the FY 2017-18 for example, you must pay it along with the interest applicable as per the Section 234A, 234B and 234C. If you have paid you taxes in time but have not filed the returns in time, you will get a notice from the IT department asking you to file the ITR in this case, you will have to pay a penalty of Rs. 5,000. The legal actions that will be taken for not filing the ITR in time include penalizing, fines, or even imprisonment.

How to file the income tax return for the previous year

As per <a href="http://www.businessinsider.in/Filing-new-ITR-forms-is-not-a-cakewalk-heres-why/articleshow/51695605.cms">new instructions</a> from <keyword id="128665" type="ORGANIZATION" weightage="100" keywordseo="CBDT">CBDT</keyword>, people having annual income of more than Rs 50 lakh will have to disclose the cost price of all their assets like land, building and jewellery in the ITR forms for AY 2016-17. These assets would also include utensils, apparels, furniture studded with precious stones, and ornaments made of gold, silver, platinum or any other precious metal or alloy. 
 "The amount in respect of assets to be reported will be the cost price of such assets to the assessee," the <keyword id="121964" type="ORGANIZATION" weightage="100" keywordseo="Central-Board-of-Direct-Taxes">Central Board of Direct Taxes</keyword> (<a href="http://www.businessinsider.in/Companies-to-say-goodbye-to-a-horde-of-identifications-one-unique-ID-numbers-is-enough-says-CBDT/articleshow/52039336.cms">CBDT</a>) has said while issuing instructions on the new ITR forms. 
 
Even if the precious items were gifts, the tax payers would still have to declare the cost at which the previous owner had acquired it, as well as the value additions. 
 
Also read: <a href="http://www.businessinsider.in/Now-you-can-rectify-mistakes-while-filing-income-tax-return-online/articleshow/50121731.cms">Now you can rectify mistakes while filing income tax return online</a> 
 
"In case where the cost at which the asset was acquired by the previous owner is not ascertainable and no wealth-tax return was filed in respect of such asset, the value may be estimated at the circle rate or bullion rate, as the case may be, on the date of acquisition by the <a href="http://www.businessinsider.in/More-than-27-lakh-assessees-added-to-Income-Tax-base/articleshow/50255901.cms">assessee</a> as increased by cost of improvement, if any, or March 31, 2016," the instructions said. 
 
Not only this, they will also have to declare whether such items and their value were already disclosed at the time of filing <a href="http://www.businessinsider.in/Direct-taxes-Thats-a-long-wishlist-for-the-Modi-Govt-to-fulfill-in-Budget-2016/articleshow/51120039.cms">wealth tax</a> returns. 
 
<a href="http://focusweek.my/Documents/Article/15367/TopStories_620x400_pg4-50605201521282425881501331204.jpg">Image source</a>

You Searched For "Changes in ITR" and got 9 results

Two new tax rules you should be aware of when filing your taxes

Anagh Pal

Keep these changes in mind while filing your ITR to prevent errors

BI India Bureau

Loans, card payments above Rs 2 Lakh in cash to be shown in ITR

BI India Bureau

Soon your Income Tax form will come pre-filled

BI India Bureau

ITR filing deadline extended yet again

Prabhjote Gill

Tax Dept rolls back order; allows joint property owners to file returns using simple forms

PTI

41% income taxpayers yet to file IT return, 10% facing tech glitches

IANS

How to file the income tax return for the previous year

BI India Bureau

CBDT asks super-rich tax payers to declare cost price of expensive assets

BI India Bureau

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