Impact of Changes in ITR Forms for FY 2022-23!

CA Umesh Sharma | Last updated: 27 February 2023

Save Share

Quick Summary

The Central Board of Direct Taxes (CBDT) has introduced new Income Tax Return (ITR) forms for FY 2022-23, bringing several significant changes. A new schedule for Virtual Digital Assets (VDAs) like cryptocurrency and NFTs requires detailed disclosure of acquisition, transfer, and income. Changes have also been made to the TCS credit disclosure table to help correct mismatches. Additionally, ITR-3 and ITR-4 now include a questionnaire regarding the new tax regime for Individuals and HUFs, and ITR-3 allows separate disclosure of intraday trading turnover and income. A new option for section 153C filings is also available.

Arjun (Fictional Character): Krishna, new ITR forms have been notified by CBDT on 10/02/2023 and 14/02/2023, what is your view on that? Krishna (Fictional Character): Arjuna, Every Year, CBDT notifies new ITR-1 to ITR-7which are consequential to the amendments made in the Finance Act and Other Laws, and taxpayer should know about the changes in ITR forms as compared to previous year forms. Arjun (Fictional Character): Krishna, what is the impact of new Schedule VDA inserted in the ITR Form

Daily Limit Reached

You have reached your daily limit of 2 Free Articles

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?

No Ads
WhatsApp Community
Daily E-Newsletter
Unlimited Articles Access
Profile Visitors
Link Social Profiles
Featured Job Posts
Pro Badge
Expert GST Guidance
Unlimited Forum Replies
Download Content in PDF

1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

View all CCI PRO benefits

Already a PRO member? Login here for an ad-free experience.

4548 Views 4 Likes Comment Share Income Tax Report

About the Author

CA Umesh Sharma

Partner

Name: - UMESH RAMNARAYAN SHARMA. Residential Address: - 16, Motisagar, Samarthnagar, Aurangabad. Ph :- 2332846. Mobile:9822079900. Head Office Address: - R.B.Sharma Co. Chartered Accountants. Block No 7-10, 2nd Floor, Shangri-La Complex, Samarth Nagar, Aurangabad. Ph :- 2332511,2338388. Email:- rbsha ... Read more

View Articles

Comments :