New earnings tax types: Changes and different particulars in ITR types for 2021-22

New earnings tax types: The finance ministry has notified new Income Tax Return (ITR) types for the evaluation 12 months 2022-23 to file a return of earnings for the monetary 12 months 2021-22. The Central Board of Direct Taxes (CBDT) has notified the types ITR-1 to ITR-5. Largely all of the ITR types have been stored unchanged from the final 12 months, aside from just a few small modifications.

“It is a reduction to see that ITR types don’t carry many modifications because it makes submitting handy for taxpayers,” mentioned Srivatsan Chari, Co-Founder – Clear

Changes in new ITR Forms for AY 2022-23

All ITR types will search further data with regard to abroad retirement advantages and curiosity accrual on provident fund deposits exceeding ₹2.5 lakh a 12 months.

“In all ITR types, new rows have been included the place particulars are required to be reported (by these to whom it applies) for earnings accrued on overseas retirement accounts and any such earnings which has been claimed for tax reduction beneath part 89A,” mentioned Srivatsan Chari.

However, there is no such thing as a insertion of any schedule associated to the disclosure of cryptocurrencies, maybe that shall be included in subsequent 12 months’s ITR types, he added.

ITR-1 kind

ITR-1 kind, to be crammed by people having earnings as much as ₹50 lakh, has been stored broadly the identical as final 12 months. However, the assessee must present details about earnings from abroad retirement funds whereas calculating their web wage.

ITR-2 kind

The ITR-2 kind seeks data concerning the curiosity accrued within the provident fund (PF) on contributions exceeding ₹2.5 lakh each year.

ITR-3 kind

ITR-3 is filed by individuals having earnings as income from enterprise/ occupation.

ITR-4 kind

ITR-4 might be filed by people, HUFs and companies with complete earnings as much as ₹50 lakh and having earnings from enterprise and occupation.

ITR-5 kind

ITR-5 is filed by LLPs. ITR-4 might be filed by people, HUFs and companies with complete earnings as much as ₹50 lakh and having earnings from enterprise and occupation. 

The ITR types for corporates and trusts (ITR 6 and seven) shall be notified later.

Subscribe to Mint Newsletters

* Enter a sound electronic mail

* Thank you for subscribing to our e-newsletter.

Download
the App to get 14 days of limitless entry to Mint Premium completely free!