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.
