Income Tax Return for A.Y.2023-24: Major Update for ITR Filters, Income Tax Department has notified

ITR-i

 Income Tax Return: If you file your income tax return (ITR File) every year, you need to read this

 update. The ITR-2 offline form has been issued by the Indian Income Tax Department for filing

 income tax returns for the tax year 2022-23 (A.Y 2023-24).

Income Tax Return for A.Y.2023-24

Last month, CBDT notified ITR-1 and ITR-4 forms. We inform you that ITR online forms are not issued by Income Tax. Currently, only Excel support has been released for ITR-1, ITR-2, and ITR-4 

In this case, if a person wants to declare ITR immediately, he has to download the tool on the Income Tax e-declaration website. After filling the utility form with information related to income and tax allowances, it needs to be uploaded to the e-Income Tax platform. For example, no changes have been made to the ITR form this year. 

Information about virtual currency should also be provided 

An important change in the ITR form is that you will have to provide information about virtual currency and digital assets. While submitting your ITR form offline or online, remember to verify it. If the ITR is not approved by the taxpayer, it will not be processed by Income Tax. 

Who can complete ITR-2? 

If your annual income is Rs. 50 Lakh or more, you need to file an ITR-2 form. Accordingly, more than one residential property, capital gains or losses on investments, dividend income of more than 10 Lakh, and income from agriculture must be disclosed. Apart from this, if you earn PF interest, this form will also be filled out.

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