Major changes in ITR for FY 2022-23

The department released new ITR form for AY 2023-2024 (FY 2022-23). So, to help you all a little bit, I am coming here with this article which highlight changes in each ITR which would help you to be prepared with documents during filing of ITR.

Major changes in ITR-1 for FY 2022-23

The assesses will have to provide information about income from overseas retirement funds while calculating their net salary.

Major changes in ITR-2 for FY 2022-23

1. The assesses will have to provide information about income from overseas retirement funds while calculating their net salary.

2. Separate disclosure is required of interest and dividend incomes taxable under Section 115AC of bonds and GDR purchased in foreign currency.

3. A new section has been inserted for reporting of the tax deferred on ESOP received from employer being an eligible start-up under 80IC.The details such as amount of tax deferred in earlier AY , date of specified securities, date of employment ceased, amount of tax payable in current AY , Balance amount of tax deferred c/f in next AY, weather 48 months lapsed from the date sweat equity shares allotted.

4. The assesses has to FMV of capital assets transferred by way of slum sale and fair market value of consideration received or accruing due to transfer by way of slum sale.

5. The assesses has to disclose the foreign asset detail on calendar year basis that is till December 2021 instead of financial year basis March.

Major changes in ITR-3 for FY 2022-23

1. The assesses will have to provide information about income from overseas retirement funds while calculating their net salary.

2. Separate disclosure is required of interest and dividend incomes taxable under Section 115AC of bonds and GDR purchased in foreign currency.

3. A new section has been inserted for reporting of the tax deferred on ESOP received from employer being an eligible start-up under 80IC.The details such as amount of tax deferred in earlier AY , date of specified securities, date of employment ceased, amount of tax payable in current AY , Balance amount of tax deferred c/f in next AY, weather 48 months lapsed from the date sweat equity shares allotted.

4. The assesses has to disclose the details of tax on secondary adjustments as per section 92CE (2A) which is amount of primary adjustments on which option exercised and amount not repatriated, amount payable and challan payment.

5. The assesses has to disclose the foreign asset detail on calendar year basis that is till December 2021 instead of financial year basis March.

6. The assesses has to FMV of capital assets transferred by way of slum sale and fair market value of consideration received or accruing due to transfer by way of slum sale.

Major changes in ITR-4 for FY 2022-23

1. The assesses will have to provide information about income from overseas retirement funds while calculating their net salary.

2. In case of non-resident person having Special Economic Presence in India the assesses has to disclose the Aggregate of payments arising from the transaction or transactions during the previous year as referred in Explanation 2A(a) to Section 9(1)(i) of the IT Act and Number of users in India as referred in Explanation 2A(b) to Section 9(1)(i) of the IT Act.

Major changes in ITR-5 for FY 2022-23

1. In case of non resident person having Special Economic Presence in India the assesses has to disclose the Aggregate of payments arising from the transaction or transactions during the previous year as referred in Explanation 2A(a) to Section 9(1)(i) of the IT Act and Number of users in India as referred in Explanation 2A(b) to Section 9(1)(i) of the IT Act.

2. Separate disclosure is required of interest and dividend incomes taxable under Section 115AC of bonds and GDR purchased in foreign currency.

3. The assesses has to disclose the details of tax on secondary adjustments as per section 92CE (2A) which is amount of primary adjustments on which option exercised and amount not repatriated, amount payable and challan payment.

4. The assesses has to disclose the foreign asset detail on calendar year basis that is till December 2021 instead of financial year basis March.

5. The assesses has to FMV of capital assets transferred by way of slum sale and fair market value of consideration received or accruing due to transfer by way of slum sale.

Major changes in ITR-6 for FY 2022-23

1. In case of non-resident person having Special Economic Presence in India the assesses has to disclose the Aggregate of payments arising from the transaction or transactions during the previous year as referred in Explanation 2A(a) to Section 9(1)(i) of the IT Act and Number of users in India as referred in Explanation 2A(b) to Section 9(1)(i) of the IT Act.

2. Separate disclosure is required of interest and dividend incomes taxable under Section 115AC of bonds and GDR purchased in foreign currency.

3. The assesses has to disclose the details of tax on secondary adjustments as per section 92CE (2A) which is amount of primary adjustments on which option exercised and amount not repatriated, amount payable and challan payment.

4. The assesses has to now make disclosure of investment made in unincorporated entity such name of entity, type of entity, PAN, audit liability of entity, 92E liability of entity , share of profit in entity, amount of share in entity, capital balance.

5. The assesses has to disclose the foreign asset detail on calendar year basis that is till December 2021 instead of financial year basis March.

6. The assesses has to FMV of capital assets transferred by way of slum sale and fair market value of consideration received or accruing due to transfer by way of slum sale.

Major changes in ITR-7 for FY 2022-23

1. The assesses has to disclose the foreign asset detail on calendar year basis that is till December 2021 instead of financial year basis March.

2. The assesses has to provide details of funds invested on the last day of previous year.