New Indian ITR-5 Income tax Form with Indian currency and PAN or Permanent Account Number on isolated background. | Photo Credit: lakshmiprasad S
The Central Board of Direct Taxes (CBDT) has notified Income Tax Return (ITR) forms for Assessment Year 2022-23 (Fiscal Year 2021-22).
Though forms are similar to what were notified last year, however, some addition information required to be filled which includes retirement benefit in other countries, interest earned on deposit above certain threshold etc.
First due date for filing ITR by individuals is July 31.
Under general information, assessee has to mention whether he is required to file a return as per other conditions prescribed under clause (iv) of seventh proviso to section 139(1) of the Act which is if his incomeexceeds the basic exemption limit). Similarly, under details of Income from salary schedule, income from retirement benefit account maintain in other countries. In lieu of the same, a line item for “income claimed for relief from taxation u/s 89A” has been provided to be reduced from gross total salary.
Under income from other sources (IFOS) schedule, interest accrued on contributions to provident fund needs to be mentioned. Also, additional information on dividend income and dividend income chargeable at DTAA (Double Taxation Avoidance Agreement) will have to be given.
Neha Malhotra, Director with Nangia Andersen LLP, says additional disclosure requirements would result in more comprehensive disclosure in the ITR forms leading to reduced instances of scrutiny cases. Further, “this timely notification will provide enough time for assesses to collate the information required to be disclosed for the year starting April 1.This also ensures that tax authorities have enough time to develop utility for the ITR forms, ensuring no last-minute glitches,” she said.
ITR 2 form modified
Saraswathi Kasturirangan, Partner, Deloitte India,said the ITR 2 form has been modified to capture additional information. With respect to stock option benefits provided by eligible start-ups, the trigger for taxation is deferred to the point of sale.
“A separate schedule has now been introduced to capture details of such deferment. Interest accrued on PF contributions beyond specified limits is taxable. The tax rerun forms seek to capture details of such interest accrued as well,” she said.