Income Tax News: Like every year, this year also if you are going to file income tax return or you have to file ITR for the first time, then first read this news. This time some changes and updates have been made by the Income Tax Department, about which taxpayers should be aware. You need to be aware of these changes before filing ITR in the right manner. If there is no latest update, then the chances of making mistakes increase, due to which you may have to face problems in future.
income from digital currency
Income from transfer of digital currency ie crypto is taxed at the rate of 30 per cent. Also surcharge and cess will have to be paid. It is important to note that any expenditure does not get the benefit of deduction on the income earned in this way. You cannot file ITR-1 or ITR-4 on such income. ITR-2 or ITR-3 form can be filed on such income.
New Tax Regime There is an option to opt for the Alternative Tax Regime under section 115BAC. Presenting the budget for the year 2023, Finance Minister Nirmala Sitharaman has given relief to tax payers under the new tax regime. However, no change was made in the old tax system by the government.
Claiming deduction under 80G
If you are claiming deduction under section 80G, donation receipt and donation certificate in Form 10BE must be available. To claim the deduction, the taxpayer has to furnish the details of his donation in the applicable ‘Schedule 80G’ in the ITR form. Also, keep in mind that the donation information is given in the correct table. In this financial year a new column has been added in ‘Table D’.
About Intraday Trading Turnover Information
The profit or loss from intraday trading will also have to be mentioned. This year’s ITR form includes a special section Part-A trading account. Here you have to give separate details about your intraday trading activities. In the ITR form, there is a need to give details like turnover of intraday trading and income from it.
Claiming Section 89A Relief
Section 89A provides relief from tax on income from retirement benefit accounts held in specified countries by authorities. If a person has claimed such relief, then he will have to give correct information about it in the schedule salary.
Read the Latest India News Today on The Eastern Herald.
