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ITR Forms’ Additional Details Which Assessee to Give for FY 2021-22

6 Additional Details for Taxpayers in ITR Forms

The income tax department has mentioned the latest Income tax return forms for the assessment year 2022-23. The assessee needs to show the pension source, interest received from the EPF account, date of purchase or sale of land, and additional things.

Below is the list of 6 additional things which taxpayers need to save before income tax return compliance.

Information About Pension

Pensioners should show the pension source on the filing ITR forms for FY 2021-22. The pensioners should opt for the mentioned options from the Nature of employment drop-down menu:

  • SC for State Government Pensioners
  • Individuals who receive the pensions from public-sector employers are eligible for PSU
  • The others have the pensions obtained such as family pensions, EPF, and others

Interest Accrued On Account of Employee’s PF

Starting in the assessment year 2022-23, when an employee’s contributions to the employee’s provident fund (EPF) account are more than Rs 2.5 lakh in a fiscal year, the interest obtained on the surplus contribution is taxable in the employee’s hands.

Sale Date or Land Buy

If you sold land or a building between April 1, 2021, and March 31, 2022, you should record the acquisition and sale dates in the income tax return forms capital gains schedule begin this year. The same details on the spending on the land or building renovations should be furnished yearly.

Land Cost and Building Improvements Per Year

All the renovations or rectifications made to the residential property shall be acknowledged as a cost. The same year, during filing the income tax return, a person should contain year by year information on the cost of the renovation that is driven to their home.

Notify the Initial Cost of Buying & the Indexed Cost of Acquisition

When the reporting capital gains have been made in a financial year then an individual only needs to include the assets indexed cost of buying. The assessee wants to notify the initial cost of buying and the indexed cost of acquisition this year.

Information of the Property Sold Outside India

If the person selling the property outside the country, the transactions should be recorded on the new Income tax return form. Inside the same, information like the purchaser’s address and the property should be given.

Disclaimer:- "All the information given is from credible and authentic resources and has been published after moderation. Any change in detail or information other than fact must be considered a human error. The blog we write is to provide updated information. You can raise any query on matters related to blog content. Also, note that we don’t provide any type of consultancy so we are sorry for being unable to reply to consultancy queries. Also, we do mention that our replies are solely on a practical basis and we advise you to cross verify with professional authorities for a fact check."

Published by Arpit Kulshrestha
Arpit Kulshrestha seeks higher interests in financial services, taxation, GST, I-T, etc. Writes articles with depth knowledge and is extensive for the same. The resources provide effective articles for the products of SAG infotech which provides taxation and IT software. Writing from observations and researching makes his articles virtuous. View more posts
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