The CBDT has released new Income-tax Return (ITR) Forms for the Assessment Year 2023-24 vide Notification No. 04/2023, dated 10-02-2023, and Notification No. 05/2023, dated 14-02-2023. No significant changes have been made to the ITR Forms compared to last year’s. Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made. These ITR Forms will be applicable to file income tax returns in respect of income earned during the period 01-04-2022 to 31-03-2023. The applicability of the ITR forms for different taxpayers remains unchanged, and small taxpayers can still use the simple ITR forms (ITR 1 and ITR 4) without any additional conditions. However, ITR-1 can’t be filed by an individual who is otherwise not liable to file but has to file because of depositing more than Rs. 1 crore in one or more current accounts. Taxmann’s Advisory & Research Team has prepared 73 FAQs on filing ITRs and bifurcated those into various categories.

The CBDT has released new Income-tax Return (ITR) Forms for the Assessment Year 2023-24 vide Notification No. 04/2023, dated 10-02-2022, and Notification No. 05/2022, dated 14-02-2023. The CBDT said that to facilitate the taxpayers and ease of filing, no significant changes have been made to the ITR Forms compared to last year’s. Only the bare minimum changes necessitated due to amendments in the Income-tax Act 1961 have been made. The applicability of the ITR forms for different taxpayers remains unchanged, and small taxpayers can still use the simple ITR forms (ITR 1 and ITR 4) without any additional conditions. However, ITR-1 can’t be filed by an individual who is otherwise not liable to file but has to file because of depositing more than Rs. 1 crore in one or more current accounts. Taxmann’s Advisory & Research Team has thoroughly analysed new ITR Forms (ITR 1 to 7) and highlighted all key changes and new requirements in current ITR forms viz-a-viz last year’s ITR Forms.

As the Union Budget 2024 approaches, Charitable Trusts hopes for simplification amidst past complex amendments. With the Budget set for July 23, 2024, this article discusses key suggestions for the finance minister to streamline taxation for charitable trusts, benefiting small charitable entities. The coverage includes: ‣ Unified and Simple Tax Regime ‣ Presumptive-like Scheme for Taxation of Charitable Trusts ‣ Provide a Definition of ‘Commencement of Activities’ ‣ Consequential Amendment to Section 13(9) ‣ Clarity on Applicability of Tax Audit under Section 44AB

The CBDT has notified ITR-7 for the Assessment Year 2024-25. The applicability of the ITR-7 form remains unchanged in the new form. The new ITR-7 requires additional details from taxpayers, and some changes in the ITR are consequential to the amendments made by the Finance Act 2023. The article thoroughly analyses all key changes in form ITR-7, the highlights of which are as follows: ‣ Details of Legal Entity Identifier ‣ Computation of income on the applicability of Twenty-Second Proviso to Section 10(23C) or Section 13(10) ‣ Furnishing of acknowledgement number of the Audit Report and UDIN ‣ Reporting of the amount invested or deposited back to Corpus and repayment of loans ‣ Reporting of the exempted portion of Anonymous Donations ‣ Reporting of Inter-Charity Donations ‣ Schedule IE-1 extended to Section 10(46A) and 10(46B) ‣ Omission of Reference to Section 10(22B) in Schedule IE-1 ‣ Details of filing Form 10 for accumulation of income ‣ Residuary clause for reporting of Additions

The CBDT has notified the Income-tax Return (ITR) Forms (‘New ITR Forms’) for the Assessment Year 2022-23 vide Notification No. 21/2022, dated 30-03-2022 & Notification No. 23/2022, dated 01-04-2022. These ITR Forms will be applicable to file income tax returns in respect of income earned during the period 01-04-2021 to 31-03-2022. In this article, we have prepared 63 FAQs on the filing of ITRs and bifurcated those into various categories. Key Highlights 1. Applicable ITR forms for Assessment Year 2022-23, their applicability, and due dates. 2. When is it mandatory to file the return of income for an individual or HUF? 3. Under what circumstances is a non-resident exempt from filing a return of income? 4. What is an updated return and who is eligible to file it? 5. What should be the ‘relevant accounting period’ for reporting foreign assets in Schedule FA? 6. What is the meaning of Financial Interest? 7. What is Annual Information Statement (AIS) and how to access it? 8. How to report the “cost of acquisition” and “sale consideration” in case unlisted equity shares have been held during the year by way of gift, will, amalgamation, etc.? 9. Whether property and buyer information is required to be reported under the Capital Gain Schedule if such property is situated outside India and sold to a non-resident? 10. How to claim TDS credit in ITR if the deductor didn’t deposit TDS?

Under the Income-tax Act, 1961, several essential due dates and responsibilities must be met periodically to ensure the timely submission of various forms and statements to avoid interest and penalties. This article compiles the deadlines for various compliances, which include: ‣ Yearly Compliances – Filing of Returns for Securities Transaction Tax (STT), Statements of Financial Transactions (SFT), Returns of Income, Tax Audit Reports, and More ‣ Half-yearly Compliances – Furnishing Declarations Received in Form 60 ‣ Quarterly Compliances – Furnishing TDS/TCS Statements, Payment of Advance Taxes, and More ‣ Monthly Compliances – Depositing TDS/TCS, Furnishing Statements by Stock Exchanges, and More ‣ Event-based Compliances – Applying for PAN Allotment, Filing Applications in Form 10AB by Charitable Trusts, etc.