New ITR Rules: ITR forms for the financial year 2021-22 have been issued by the Income Tax Department. This time before filing ITR, make sure to get information about the changes made by the department.
New ITR Rules: If you file Income Tax Return (ITR) every year, then this news is of your use. This time, before filing ITR, definitely take a look at the changes made by the Income Tax Department. Income tax return forms for the financial year 2021-22 (Assessment Year 2022-23) have been issued by the Income Tax Department.
This time not much change has been made by the Income Tax Department. But still some things have changed. Taxpayers will have to provide some additional information. If you are not aware of these changes, you may face trouble in filing ITR. Let us know about such information which you have to give while filing ITR.
1. Taxable Interest in PF Account
If your contribution in EPF account is more than Rs 2.5 lakh every year, then you will have to pay tax on the interest earned on the additional contribution. You will have to give information about this interest in the ITR form.
2. Information about buying or selling property
If you have bought or sold any kind of property between the period of April 1, 2021 to March 31, 2022, then you will have to give this information along with the date. In the ITR form, you are required to mention the date of purchase or sale under Capital Gains.
3. Information about the renovation of the house
If you have spent on the renovation of the house, then this information will also have to be given on year to year basis. This cost has to be deducted from the sale price to arrive at long term capital gain.
4. Actual Cost of Buying
While giving information about capital gains, you were required to mention only index cost now. But from this time onwards, you will have to specify the index cost as well as the actual cost of buying the property (market rate).
5. This information is also required for residential status
While filing ITR, it has been made mandatory to state the residential status. If you are filling ITR-2 or ITR-3 form then you have to opt for residential status support. In this option, you will have to tell how long you have been living in India.
6. Information about avoiding tax on ESOP
In the budget of the year 2020, it was announced that employees of a startup can avoid paying tax on ESOP. However, it has some conditions. This time during ITR filing, the employee will have to give information about the amount of tax deferred.
7. Property and income abroad
If you have a property abroad or have earned dividend or interest from any property abroad, then it is necessary to give this information while filing ITR. Form-2 and Form-3 can be used for this.
8. Information about property sold outside the country
If you have sold any property outside the country, then this information will have to be given at the time of ITR filing. In the ITR filing, the buyer and the address of the property have to be given.
9. Enhanced category for pensioners In the
ITR form, pensioners will have to tell about the source of pension. Pensioners have to choose any one of the given options in the Nature of Employment drop-down menu. If you are a central government pensioner, choose Pensioners-CG, if you are a state government pensioner, choose Pensioners-SC. Similarly, if there are pensioners of a public sector company, then Pensioners-PSU will have to be selected.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
