Monday, October 2, 2023

ITR Rule: You will not be able to hide this information while filing tax, see what is there…

ITR Rule: The last date to file Income Tax Return is 31st July 2022. This time some changes have been made in the rules of the new ITR file forms. Now you will not be able to hide this information while filing tax. Also, you should not face any problem while filing the return. So you must keep this in mind. In this, which new information you have to give while filing tax.

Category for pensioners
Pensioners will have to provide information about the source of pension in ITR forms. Pensioners have to choose one of the few options in the Nature of Employment drop-down menu. If you are a central government pensioner then choose Pensioners – CG, if you are a state government pensioner then choose Pensioners – SC, if you are getting pension from a public sector company then choose Pensioners – PSU and rest of the pensioners choose Pensioners – Others, which includes EPF pension. is.

Taxable interest will be charged in EPF
If you contribute more than Rs 2.5 lakh in a year to EPF, then you will have to pay tax on the interest earned on the additional contribution. You will have to tell about this interest in the ITR form. Failure to do so may result in a notice from the Income Tax Department. If you have also contributed more than Rs 2.5 lakh in EPF, then definitely declare taxable interest.

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purchase of house-land 
If you have purchased any house or land while submitting the ITR file, then you will have to give this information. In the ITR form, you have to give the date of purchase or sale in Capital Gains. If you have bought or sold any land between 1st April 2021 to 31st March 2022, then this year the information is also to be disclosed. 

Information about the cost of building renovation
While filing ITR, the information about the cost of renovation of land or house has to be given. This cost has to be deducted from the sale price to arrive at long term capital gain. It is also necessary to give this information.

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Original cost of capital 
Till now only index cost was required to be mentioned, but now you have to give original cost along with index cost. This time the Income Tax Department had also told all these new rules while issuing ITR forms. With every passing year, the Income Tax Department makes the rules stricter, so that the apprehensions of tax evasion can be reduced.

Residential Status Information
You will need to provide your residential status. If you are filling ITR-2 or ITR-3 form, then you have to tell how long you have been residing in India. Earlier also, residential status was asked in ITR forms, so that the correct status could be known.

Information about avoiding tax on ESOP
Earlier employees of a startup can postpone paying tax on ESOP for the future. But now some terms and conditions have been applied. This time while filling the ITR form, the employee will have to tell the amount of tax deferred. You will have to give details of the amount of tax deferred in the financial year 2020-21, tax due in 2021-22, the date on which he ceased to be an employee of the company.

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Foreign Assets and Earnings
If anyone has assets abroad or has earned from dividend or interest on any asset from abroad , then it is necessary to give his information. Use ITR Form-2 and ITR Form-3. If you are also going to fill ITR and you have any property abroad, then definitely tell about it. If you have sold any property outside the country, then you have to tell about that too.

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