New Income Tax Returns forms for FY 2022–23 and AY 2023–24 include the following six major changes:

1) An independent schedule for Crypto/VDA income

You must submit a separate schedule to record any revenue you received in the fiscal year 2022–2023 from cryptocurrencies and other virtual digital assets.

From FY 2022–2023 there will be tax provisions for VDAs.

2) Transparency About Intraday Trading

The trading accounts now have the option to reveal turnover and intraday trading income.

3) Old versus. Modern Tax System

To find out if the taxpayer has previously chosen to forego the New Tax Regime, a new questionnaire has been included in ITRs 3 and 4.

4) Foreign Institutional Investment Disclosure

The SEBI registration number is a further disclosure requirement for foreign institutional investors (FII/FPI).

5) Balance Sheet Reporting

The ‘Advances’ heading in the Source of Funds section must be filled out for all advances received from people listed in Sec. 40A(2)(b) of the Income Tax Act and others.

6) No standard return form

The anticipated announcement of a uniform ITR form suggested in the Union Budget 2023–24 from the tax department has not yet been made.