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The tax return forms have now been modified to include necessary disclosures regarding income from VDAs. They also have to mention whether the income is to be categorised as business income or capital gains.
A new disclosure has been added for 'Income from retirement benefit accounts'. Disclosure is required to be made about the taxable income on which relief under section 89A was claimed earlier
The income tax return (ITR) forms has been released by the Central Board of Direct Taxes (CBDT). Though there are no major changes in the ITR forms this year, however, certain small changes have been made to incorporate the changes made in the income tax laws in the Budget 2022. Read on to know more about these changes.