The department released new ITR form for AY
2023-2024. 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.
ITR-1
1. The assesses will
have to provide information about income from overseas retirement funds while
calculating their net salary.
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 2022.
ITR-3
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 2022.
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.
ITR-4
1. The assesses will
have to provide information about income from overseas retirement funds while
calculating their net salary.
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 2022.
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.
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 2022.
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.
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 2022.
2. The assesses has to
provide details of funds invested on the last day of previous year.
