Major changes in ITR for FY 2022-23 – Semantic Taxgen Pvt Ltd

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Major changes in ITR for FY 2022-23

May 17, 2022
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Major changes in ITR-1 for FY 2022-23

1.Assesses have to provide information about income from foreign retirement funds while computing their net salary.

Major changes in ITR-2 for FY 2022-23

1.Assesses have to provide information about income from foreign retirement funds while computing their net salary.

2.Separate disclosure is required for taxable interest and dividend income under section 115AC of GDR and bonds purchased in foreign currency.

3. A new section has been inserted for reporting of deferred tax on ESOP received from an eligible start-up employer under 80IC. Details such as amount of deferred tax in earlierAssessment Year, date of specified securities, date of employment, amount of tax payable in current assessment year, balance of deferred tax in next assessment year, 48 from the date of allotted sweat equity shares Months have passed. 

4.The assesse should have the FMV of the capital asset transferred by way of slum sale and the fair market value of the consideration received or accuring due to transfer through slum sale.

 5. Assesses will have to disclose details of foreign assets up to December 2021 on calendar year basis instead of March on financial year basis.

Major changes in ITR-3 for FY 2022-23

1.Assesses have to provide information about income from foreign retirement funds while computing their net salary.

 2.Separate disclosure is required for taxable interest and dividend income under section 115AC of GDR and bonds purchased in foreign currency.

3.A new section has been inserted for reporting of deferred tax on ESOP received from an eligible start-up employer under 80IC. Details such as amount of deferred tax in first AY, date of specified securities, date of employment, amount of tax payable in current assessment year, balance amount of deferred tax in next assessment year, 48 Months have passed from the date of allotted sweat equity shares

4.Assesses have to disclose details of tax on secondary adjustment as per section 92CE (2A), which is the amount of the primary adjustment on which the option is exercised and the amount is not repatriated, amount payable and challan payment.

5.Assesses will have to disclose details of foreign assets up to December 2021 on calendar year basis instead of March on financial year basis.

6. The assesse should have the FMV of the capital asset transferred by way of slum sale and the fair market value of the consideration received or accuring due to transfer through slum sale.

Major changes in ITR-4 for FY 2022-23

1.Assesses have to provide information about income from foreign retirement funds while computing their net salary.

2. In the case of a non-resident person having special economic presence in India, the assesse has to disclose the aggregate of transactions or payments arising out of transactions during the previous year as referred to in Explanation 2A (a) to section 9(1) (i) of the IT Act and the number of users in India as referred to in Explanation 2A (b) to section 9(1) (i) of the IT Act.

Major changes in ITR-5 for FY 2022-23

1.In the case of a non-resident person having special economic presence in India, the assesse has to disclose the aggregate of transactions or payments arising out of transactions during the previous year as referred to in Explanation 2A (a) to section 9(1) (i) of the IT Act and the number of users in India as referred to in Explanation 2A (b) to section 9(1) (i) of the IT Act.

2. Separate disclosure is required for taxable interest and dividend income under section 115AC of GDR and bonds purchased in foreign currency.

3. Assesses have to disclose details of tax on secondary adjustment as per section 92CE (2A), which is the amount of the primary adjustment on which the option is exercised and the amount is not repatriated, amount payable and challan payment.

4. Assesses will have to disclose details of foreign assets up to December 2021 on calendar year basis instead of March on financial year basis.

5. The assesse should have the FMV of the capital asset transferred by way of slum sale and the fair market value of the consideration received or accuring due to transfer through slum sale.

Major changes in ITR-6 for FY 2022-23

  1. In the case of a non-resident person having special economic presence in India, the assesse has to disclose the aggregate of transactions or payments arising out of transactions during the previous year as referred to in Explanation 2A (a) to section 9(1) (i) of the IT Act and the number of users in India as referred to in Explanation 2A (b) to section 9(1) (i) of the IT Act.
  2. Separate disclosure is required for taxable interest and dividend income under section 115AC of GDR and bonds purchased in foreign currency.
  3. Assesses have to disclose details of tax on secondary adjustment as per section 92CE (2A), which is the amount of the primary adjustment on which the option is exercised and the amount is not repatriated, amount payable and challan payment.
  4. Assesses now have to disclose investments made in the unincorporated entity such as name of the entity, type of entity, PAN, audit liability of the entity, 92E liability of the entity, profit share in the entity, amount of share in the entity, capital balance.
  5. Assesses will have to disclose details of foreign assets up to December 2021 on calendar year basis instead of March on financial year basis.
  6. The assesse should have the FMV of the capital asset transferred by way of slum sale and the fair market value of the consideration received or accuring due to transfer through slum sale.

Major changes in ITR-7 for FY 2022-23

Assesses will have to disclose details of foreign assets up to December 2021 on calendar year basis instead of March on financial year basis.

Assesses have to provide the details of the funds invested on the last day of the previous year.

Disclaimer : The information contained in this article is intended solely for the dissemination of information and does not aim at solicitation of work. Though meticulous care has been taken but the author assumes no liability in respect of any loss/ damage incurred while acting on the information provided in this article. The author can be reached at sanjeev@semantictaxgen.in and can be called at +91-8126700005.

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