Taxpayers are always required to keep a track of the latest amendments introduced by the Department of Income Tax. May it be a salaried individual or a businessman, it is necessary for everyone to abide by the latest guideline and compute their tax li ability accordingly.
For the financial year 2021-22 and assessment year 2022-23, the deadline to file an income tax return has already passed (31st July 2022). Keep an eye on the latest changes in the financial act 2022 when planning your taxes. You need to take note of these changes when filing your income tax return for the assessment year 2023-24.
Nevertheless, if you missed the deadline for filing your income tax return for the assessment year 2022-23, you can still file it with a penalty. Here you can check the detailed article about the penalty for late filing of the income tax returns for A.Y. 2022-23.
Major Changes to Focus on While filing Income Tax Return for A.Y. 2023-24 & A.Y.2022-23
Here are the following changes you need to focus on while computing your taxes for filing tax returns.
1) In the event that an employee or his family member suffers from a COVID-19-related illness, the employee will be reimbursed for the medical treatment that they receive. This is not to be treated as a perquisite.
2) A person should not be considered as having income when he receives money from any person in relation to the COVID-19 treatment.
3) In case of a COVD-19 death, the family member of the deceased who received the deceased’s employer’s salary, regardless of the amount, or any other person’s payment, up to a maximum of Rs. 10 lakhs, will not be treated as an income.
4) State Government employees will also be entitled to the deduction under section 80CCD(2) for their contributions to the National Pension System by their employers.
5) There is one more opportunity available to all assessees to file their updated returns of income, yet again, within 24 months from the end of the relevant assessment year, for an additional payment of penalty.
6) Payment of consideration for the transfer of a virtual digital asset will be subject to TDS @1% as of 1.7.2022.
7) The income derived from the transfer of virtual digital assets will be taxed at a rate of 30%.
8) The Faceless Assessment procedure is revised.
9) In the event that either the consideration or stamp duty value of a transfer of immovable property exceeds Rs. 50 lakhs, the TDS on the consideration should be deducted.