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Key Updates in Latest Income Tax Return (ITR) Forms for FY 2023-24

The Income Tax Return (ITR) forms for the fiscal year 2023-24 have undergone significant revisions, impacting taxpayers across various categories. From filing deadlines to taxation updates, these changes demand attention and understanding. This article delves into the alterations in ITR Forms 2, 3, 5, and 6, offering a comprehensive analysis of each modification.

Here are the important updates in the latest Income Tax Return (ITR) forms for the financial year 2023-24:

  • Filing Deadlines: New column for specifying filing deadlines in Forms ITR 3, 5, and 6.
  • Online Gaming Winnings Taxation: Amended Schedule OS includes reporting of online gaming income in Forms ITR 2, 3, 5, and 6.
  • Adjustment of Unabsorbed Depreciation: Provisions for adjusting unabsorbed depreciation in Forms ITR 3 and 5.
  • LEI Details: Mandatory disclosure of Legal Entity Identifier (LEI) for refunds exceeding INR 50 crores in Forms ITR 2, 3, 5, and 6.
  • Political Party Contributions: Detailed disclosure of political party contributions in Schedule 80GGC of Forms ITR 2, 3, 5, and 6.
  • Cash Receipts Reporting: Addition of column for reporting cash receipts to claim enhanced turnover limit in Forms ITR 3, 4, and 5.
  • Start-up Deduction Details: New Schedules for claiming deductions under Sections 80-IAC and 80LA in Forms ITR 5 and 6.
  • Dividend Income Reporting: Reduced tax rate of 10% for dividend income from IFSC units, with amendments in Schedule OS of Forms ITR 2, 3, 5, and 6.
  • ESOP Tax Benefits: Enhanced reporting requirements for ESOPs in Forms ITR 2 and 3.
  • EVC for Tax Audits: Individuals and HUFs under tax audits (ITR 3) can now verify returns using Electronic Verification Code (EVC).
  • Reasons for Tax Audit: Additional details required from audited companies in Forms ITR 3, 5, and 6 regarding tax audit circumstances.
  • Business Trust Sums Reporting: New column under Schedule OS for reporting sums received by unitholders from business trust in Forms ITR 2, 3, and 5.
  • Bank Account Disclosure: Mandatory disclosure of all bank accounts held, except dormant accounts, in Forms ITR 2, 3, and 5.
  • CGAS Reporting: Detailed disclosure of deposits in Capital Gains Accounts Scheme in Forms ITR 2, 3, 5, and 6.
  • Deduction under Section 80CCH: Introduction of a new column to claim deductions under Section 80CCH for Agniveer Corpus Fund in Forms ITR 1, 2, 3, and 4.
  • New Schedule 80U: Addition of Schedule 80U for claiming deductions for persons with disabilities, seeking detailed information in Form ITR 3.
  • Schedule 80DD: Addition of Schedule 80DD to claim deductions for maintenance and medical treatment of dependents with disabilities in Forms ITR 2 and 3.

Stay updated with these changes for smooth tax filing for FY 2023-24!

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