New Delhi. The deadline for filing income tax will expire in three days. The Income Tax Department has issued a reminder to the taxpayers not to wait till the last minute through email, SMS and file Income Tax Return without any delay.
All the taxpayers who have not yet filed their Income Tax Return for AY 2021-22 should take note of these 5 changes announced by the Income Tax Department which are important while filing ITR.
1) Annual Information Statement (AIS)
An Annual Information Statement (AIS) has been introduced on the portal for the ease of taxpayers and filers. It helps in automated return filing or pre-filing in a way. This statement will collect and provide information related to interest, dividend, securities, mutual funds and remittances abroad from all sources of investment with the help of your PAN.
2) ITR-1
There have been many changes in the rules for filing income tax returns for the assessment year 2022 (FY 2021) and one of the important changes in these changes is to provide the information of dividend income. ITR-1 also asks about quarterly dividend, which is taxable during the financial year 2020-21. This information is required for tax exemption under section 234C on advance tax.
3) If tax on ESOP is deferred, then ITR-1 and ITR-4 cannot be filed
Rule 12 has been amended along with ITR-1 and ITR-4. Now not eligible to furnish return in the prescribed income in respect of tax deducted or paid in respect of ESOPs allotted by start-ups under section 80-IAC.
4) Increase in the limit for tax audit
Earlier, there was a need to conduct an account audit (tax audit u/s 44AB) on income or receipts above Rs 5 crore annually. But this year this limit was increased to 10 crores. However, there is also a condition that not more than 5% of the total receipt has come in cash. That is, 95% of the amount has come in cashless or digital mode. Otherwise the limit of audit exemption will not be applicable to him.
5) Reporting of Deferred Amount in respect of ESOPs
If an employee is receiving ESOP allotted under section 80-IAC by the start-up company, whose tax amount is deferred, details in this regard as per Schedule TTI of Part B will have to be given.
