"Check your Form 26AS, AIS and other relevant documents before submission. Be an early filer," said the I-T Dept.
The Central Board of Direct Taxes (CBDT) had notified the income tax return (ITR) forms for FY 2021-22 (The assessment Year 2022-23) in the first week of April. The new forms are quite elaborate, and their early notification will give assesses more time to get the documentation and paperwork ready. Hence you must ensure that you make complete disclosures while filing your returns. There are around 30 changes in the new ITR forms, and while all may not be relevant to you, there are some that you need to know about, reported Business Standard earlier this month.
In the previous year, there was an option to choose between the old and the new tax regimes. Now, in ITR Form 3, there is an option to specify the chosen tax regime and whether or not one wants to choose the new tax regime now. The tax department also wants to know whether you want to continue with the new tax regime or are opting out.
As per the amendment brought by The Finance Act, every employee whose contribution to EPF exceeds the threshold limit of Rs 2.5 lakh per financial year (from FY 2021-22), shall be liable to pay tax on interest earned on contribution over the said limit.
In the old ITR forms, Schedule FA (Foreign Assets) required one to report foreign assets only if one had held them at any time during the “relevant accounting period”. The accounting period was not defined. The new ITR forms have replaced the expression “accounting period” with “calendar year ending as on 31st December 2021”.
If you sold land/building in the financial year 2021-2022, then it is mandatory to declare the purchase and sale dates in the 'Capital Gains' schedule of the amended ITR form.
Taxpayers are required to provide three pieces of information: cost of improvement, year of improvement, and indexed cost of the improvement.
Expenses towards renovation or improvement done on land or building will be taken as a cost.
If the cost of improvement has been incurred in different financial years, then year-wise details have to be provided while filing ITR.
As per the Income Tax Act provisions, the last date to file ITR by the taxpayers (tax audit not applicable) for FY 2021-22 is July 31, 2022. For other taxpayers to whom audit is applicable, the return filing due date is October 31, 2022. If the taxpayer has entered into a specified domestic or international transaction, the return filing due date is November 30, 2022.