{"id":2973,"date":"2023-02-15T11:21:44","date_gmt":"2023-02-15T11:21:44","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=2973"},"modified":"2023-06-20T07:09:47","modified_gmt":"2023-06-20T07:09:47","slug":"release-of-itr-forms-for-ay-2023-24-by-cbdt-in-early-february","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/release-of-itr-forms-for-ay-2023-24-by-cbdt-in-early-february\/","title":{"rendered":"Release of ITR Forms for AY 2023-24 by CBDT in Early February"},"content":{"rendered":"\n

The Central Board of Direct Taxes (CBDT) has recently released the Income Tax<\/a> Return (ITR) forms for Assessment Year 2023-24, early by two months. The forms have been released in February instead of April, giving taxpayers more time to file their returns. The move has been welcomed by experts and is expected to provide much-needed relief to taxpayers grappling with the pandemic’s uncertainties.<\/p>\n\n\n\n

The notification by the CBDT includes ITR forms 1-6, ITR-V (verification form), and ITR acknowledgement form. The early release of these forms is expected to benefit all stakeholders, including taxpayers, e-filing portals, third-party software companies, and tax professionals. <\/p>\n\n\n\n

Here are the major changes in the new ITR forms:<\/strong><\/p>\n\n\n\n

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  1. No changes in ITR-1.<\/li>\n\n\n\n
  2. A new schedule for reporting income from Virtual Digital Assets (VDAs) has been added under Capital Gains.<\/li>\n\n\n\n
  3. Taxpayers must report acquisition and transfer dates, cost of acquisition, and proceeds received on the sale of VDAs quarterly.<\/li>\n\n\n\n
  4. The forms now have additional questions regarding the selection of the new tax regime.<\/a><\/li>\n\n\n\n
  5. The form needs the taxpayer to report whether they opted for the new regime in the previous assessment year and to select the assessment year in which they did so.<\/li>\n\n\n\n
  6. Taxpayers must report if they opted out of the new regime in any previous year and provide 10IE details for both selections.<\/li>\n<\/ol>\n\n\n\n

    According to Rajat Mohan, Senior Partner at AMRG & Associates, \u201cthe early notification of ITR forms will give taxpayers ample time to prepare and file their returns this year. This will also provide software vendors with extra time to develop and implement software and tools for efficient and accurate filing of ITRs.\u201d<\/p>\n\n\n\n

    The ITR forms released by the CBDT cover a wide range of taxpayers, from individuals to businesses. <\/p>\n\n\n\n