{"id":7311,"date":"2024-06-01T20:09:20","date_gmt":"2024-06-01T20:09:20","guid":{"rendered":"https:\/\/www.caindelhiindia.com\/blog\/?p=7311"},"modified":"2025-03-06T18:23:23","modified_gmt":"2025-03-06T18:23:23","slug":"latest-income-tax-return-itr-forms-update-for-fy-2023-24","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/latest-income-tax-return-itr-forms-update-for-fy-2023-24\/","title":{"rendered":"Latest Income Tax Return (ITR) Forms update for FY 2023-24"},"content":{"rendered":"<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5739\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/type-of-ITR.jpg\" alt=\"Kind of Tax returns\" width=\"1080\" height=\"1064\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/type-of-ITR.jpg 1080w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/type-of-ITR-300x296.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/type-of-ITR-1024x1009.jpg 1024w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/type-of-ITR-768x757.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/type-of-ITR-800x788.jpg 800w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/h2>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69db16c9ab404\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69db16c9ab404\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/latest-income-tax-return-itr-forms-update-for-fy-2023-24\/#Latest_Income_Tax_Return_ITR_Forms_update_for_the_financial_Year_2023-2024\" title=\"Latest Income Tax Return (ITR) Forms update for the financial Year 2023-2024\">Latest Income Tax Return (ITR) Forms update for the financial Year 2023-2024<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/latest-income-tax-return-itr-forms-update-for-fy-2023-24\/#Below_mention_are_detailed_breakdown_of_the_key_changes\" title=\"Below mention are detailed breakdown of the key changes:\">Below mention are detailed breakdown of the key changes:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/latest-income-tax-return-itr-forms-update-for-fy-2023-24\/#Can_updating_ITR_cost_you_more_than_a_reassessment\" title=\"Can updating ITR cost you more than a reassessment?\">Can updating ITR cost you more than a reassessment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/latest-income-tax-return-itr-forms-update-for-fy-2023-24\/#Which_is_Better-_Old_vs_New_Tax_Regime_Comparison_2024\" title=\"Which is Better- Old vs New Tax Regime Comparison 2024 ?\">Which is Better- Old vs New Tax Regime Comparison 2024 ?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Latest_Income_Tax_Return_ITR_Forms_update_for_the_financial_Year_2023-2024\"><\/span><span style=\"color: #000080;\"><strong>Latest Income Tax Return (ITR) Forms update for the financial Year 2023-2024<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>These updates in the <a href=\"http:\/\/Income tax Return (ITR) filing for FY2023-24\">ITR forms for FY 2023-24<\/a> aim to simplify the tax filing process, enhance transparency, and ensure compliance with evolving tax regulations. Make sure to incorporate these changes while preparing your ITR to avoid any discrepancies and ensure accurate reporting. Share this information with peers to help them navigate the updated tax filing process effectively.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Below_mention_are_detailed_breakdown_of_the_key_changes\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/itr-1-4-form-for-ay-2024-2025\/\"><span style=\"color: #000080;\">Below mention are detailed breakdown of the key changes:<\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Taxpayer required to report Dividend Income Reporting: dividend income received from a unit in an International Financial Service Centre shall be taxed at a reduced tax rate of 10% instead of 20%. Schedule OS has been amended in new Income tax return forms to incorporate such change in Form ITR 2, 3, 5 and 6<\/li>\n<li>Income tax Filing Deadlines: Taxpayers now have a new column in income tax Forms ITR 3, 5 and 6 where they specify the deadline for filing income returns.<\/li>\n<li>Taxpayer required to report Employee Stock Option Plans Tax Benefits: Enhanced reporting requirements for ESOPs required to disclosure of Permanent Account Number &amp; Department for Promotion of Industry and Internal Trade Registration Numbers in Form ITR 2and 3.<\/li>\n<li>You required to update on Adjustment of Unabsorbed Depreciation: The new provisions allow for the adjustment of unabsorbed depreciation in Form ITR 3 and 5.<\/li>\n<li>Deduction under Section 80CCH for Agniveer Corpus Fund : A new column is introduced to claim deductions under Section 80CCH for Agniveer Corpus Fund in Form ITR 1, 2, 3 and 4.<\/li>\n<li>Taxpayer required to report Cash Receipts Reporting: A new column for cash receipts reporting has been added to claim an enhanced turnover limit in Form ITR 3, 4 and 5.<\/li>\n<li>Taxpayer required additional reporting on maintenance and medical treatment of dependents with disabilities in Schedule 80DD: Similar to Schedule 80U, Schedule 80DD is added to claim deductions for maintenance and medical treatment of dependents with disabilities in Form ITR 2 &amp; 3.<\/li>\n<li>Income tax Capital Gains Accounts Scheme Reporting: Detailed disclosure of deposits in the CGAS Scheme is now required in Form ITR 2, 3, 5 and 6.<\/li>\n<li>You are needed to report on Start-up Deduction Details: New Schedules for claiming deductions under Sections 80-IAC &amp; 80LA have been introduced in Form ITR 5 and 6.<\/li>\n<li>Taxpayer required to report Legal Entity Identifier Details: LEI disclosure is now Compulsory for income tax refunds exceeding Rs. 50,00,00,000\/- in Form ITR 2, 3, 5 and 6.<\/li>\n<li>Now Taxpayer can verify tax audit via use of Electronic Verification Code: Individuals &amp; HUFs under tax audits (ITR 3) can now verify returns using EVC. This simplifies the verification process &amp; enhances ease of income tax compliance.<\/li>\n<li>Now Taxpayer required to report Reasons for Tax Audit: Additional details are required from audited companies in <a href=\"http:\/\/Income tax Return (ITR) filing for FY2023-24\">Form ITR 3, 5 &amp; 6<\/a> regarding the circumstances necessitating tax audits. This change enhances transparency and accountability in tax reporting the circumstances necessitating tax audits.<\/li>\n<li>Online Gaming Winnings Taxation: Schedule OS has been amended to include reporting of income from online gaming in form ITR 2, 3, 5 &amp; 6.<\/li>\n<li>Taxpayer now report on Business Trust Sums : A new column under Schedule OS additionally added to allows for reporting sums received by unitholders distributed by business trust to avoid non-taxation in Form ITR 2, 3 &amp; 5.<\/li>\n<li>Taxpayer required to report Contributions to Political Party: Schedule 80GGC will require detailed disclosure of political party contributions in Form ITR 2, 3, 5 &amp; 6.<\/li>\n<li>Assesses report on all the Bank Account Disclosure: Taxpayers compulsory disclose all bank his accounts held, except dormant accounts in Form ITR 2, 3 &amp; 5.<\/li>\n<li>New Schedule 80U for reporting who claiming disabilities: Schedule 80U is added for claiming deductions for persons with disabilities, seeking detailed information in Form ITR 3.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7062\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/11\/Type-of-ITR-.jpg\" alt=\"Type of ITR\" width=\"1038\" height=\"1133\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/11\/Type-of-ITR-.jpg 1038w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/11\/Type-of-ITR--275x300.jpg 275w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/11\/Type-of-ITR--938x1024.jpg 938w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/11\/Type-of-ITR--768x838.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/11\/Type-of-ITR--800x873.jpg 800w\" sizes=\"(max-width: 1038px) 100vw, 1038px\" \/><\/p>\n<p>All the above changes &amp; updates purpose to simplify income tax reporting, enhance transparency, &amp; align with evolving income tax regulations. Save this comprehensive overview for future reference and share it with your peers to help them navigate the tax filing process effectively.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_updating_ITR_cost_you_more_than_a_reassessment\"><\/span><span style=\"color: #000080;\">Can updating ITR cost you more than a reassessment?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8746\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/06\/Can-updating-ITR-cost-you-more-than-a-reassessment.jpg\" alt=\"Can updating ITR cost you more than a reassessment\" width=\"1080\" height=\"1062\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/06\/Can-updating-ITR-cost-you-more-than-a-reassessment.jpg 1080w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/06\/Can-updating-ITR-cost-you-more-than-a-reassessment-300x295.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/06\/Can-updating-ITR-cost-you-more-than-a-reassessment-1024x1007.jpg 1024w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/06\/Can-updating-ITR-cost-you-more-than-a-reassessment-768x755.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/06\/Can-updating-ITR-cost-you-more-than-a-reassessment-800x787.jpg 800w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_is_Better-_Old_vs_New_Tax_Regime_Comparison_2024\"><\/span><a href=\"https:\/\/carajput.com\/publications\/which-is-better-old-vs-new-tax-regime-comparison-2024.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/publications\/which-is-better-old-vs-new-tax-regime-comparison-2024.pdf\">Which is Better- Old vs New Tax Regime Comparison 2024 ?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>We provide the following Services i.e Accounting, Llp incorporation, Pvt ltd incorporation, TAX RETURN (INDIVIDUAL &amp; COMPANY BOTH),\u00a0 NGO incorporation, Nidhi registration, LUT, GEM Registration, GST Registration &amp; Public limited incorporation, Trademark registration,\u00a0 All other compliances consultancy. You may contract us\u00a0 at 9555 555 480\u00a0 or email at Singh@caindelhiindia.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Latest Income Tax Return (ITR) Forms update for the financial Year 2023-2024 These updates in the ITR forms for FY 2023-24 aim to simplify the tax filing process, enhance transparency, and ensure compliance with evolving tax regulations. Make sure to incorporate these changes while preparing your ITR to avoid any discrepancies and ensure accurate reporting. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1035],"tags":[1077],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/7311"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=7311"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/7311\/revisions"}],"predecessor-version":[{"id":8748,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/7311\/revisions\/8748"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=7311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=7311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=7311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}