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[Notification No. 111/2022/F. No. 370142/32/2022-TPL] [Notification No. 49/2022/F.No.370142/6/2022-TPL]

9 Changes you should know before filing IT returns: –

  1. Specific Nature of Pensioners – ITR Forms for 2021-2022 require pensioners to further specify the source of their pension. Pensioners will have to choose an option from Central Government/State Government/PSUs/Others in the nature of employment drop-down menu.
  2. Extra information for residential status – Individuals filing returns using Form ITR-2 or ITr-3 will have to provide finer details while choosing their residential status. The options to choose from will be self-explanatory based on the number of days a person resided in India during a year.
  3. Taxable Interest on EPF Account – Effective from F.Y. 2021-2022, the interest earned on any contribution to Employees’ Provident Fund (EPF) account in excess of INR 2.5 lakh in a financial year will be taxable in the hands of employees. Any such excess interest will have to be reported in Schedule Other Sources (OS).
  4. Tax-Deferred on ESOPs – As per schedule for ‘Tax deferred on the ESOPs’ inserted in ITR forms for F.Y. 2021-2022 employees will have to provide following information:
  5. Amount of tax deferred in F.Y. 2020-2021
  6. Date of sale of specified securities & amount of tax credit to such sale
  7. Date on which he/she ceased to be an employee
  8. Amount of tax payable in F.Y. 2021-2022
  9. Balance amount of tax deferred to be carried forward to next assessment years.
  10. Date of sale & purchase of Land & Building – Individuals who sold land/building between April 1, 2021- March 31, 2022, will be required to enter the purchase & sale dates in the capital Gains schedule from now onwards. The aim to determine individuals’ eligibility to claim exemptions on capital gains under Section 54, 54EC & 54F.
  11. Year-wise details on cost of improvement – This year, individuals will be required to provide year-wise details of the cost of improvement done in different years.
  12. Details of Acquisition – Earlier, individuals were required to only mention the indexed cost of acquisition of an asset while reporting capital gains. However, now individuals will be required to mention both the original cost of acquisition.
  13. Property sold outside India – The individuals who have sold a property outside India will be compulsorily required to furnish details of the buyer and complete address of the property sold.
  14. Income earned from Foreign Assets – Any foreign assets held during the calendar year 2021 are required to be reported in ITR. Individuals holding foreign assets must report those assets in Schedule FA & also report the income earned on it by way of dividend, interest, etc.

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