Question: What are the key changes in ITR forms this year which need to be taken into consideration by individual taxpayers?

Response given by CA (Dr.) Suresh Surana: The key changes in the various ITR forms for individual taxpayers to consider before furnishing their return are as follows:

Legal Entity Identifier (LEI) Requirement for Refunds of Rs 50 crore or more (ITR -2, 3, 5 and 6)

A Legal Entity Identifier (LEI) is a unique 20-character alpha-numeric code used to identify parties involved in financial transactions worldwide. Taxpayers must furnish their LEI when claiming a refund amounting to Rs 50 crore or more.

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Disclosure Requirements for Capital Gains Accounts Scheme (ITR-2, 3, 5, 6)

Under the revised Schedule CG, additional details are required, including:

* Date of deposit

* Account number

* IFSC code

Contributions made to political parties must be disclosed in the new Schedule 80GGC with the following details: (ITR 2, 3, 5 and 6)

Contributions made to political parties must be disclosed in the new Schedule 80GGC with the following details:

* Date of Contribution

* Contribution Amount (including breakdown of cash and other modes)

* Eligible Contribution Amount

* Transaction Reference Number for UPI transfer or Cheque

* Number/IMPS/NEFT/RTGS

* IFSC Code of the Bank

Deduction Details for Maintenance and Medical Treatment of Persons with Disability in Schedule 80DD

For claiming deductions related to maintenance and medical treatment expenses for a dependent with a disability, details must be provided separately in Schedule 80DD (and not under Schedule VI-A). Required information includes:

* Nature of the disability

* Type of dependent (spouse, son, daughter, father, mother, brother, sister, or member of the HUF)

* PAN of the dependent

* Aadhaar number of the dependent

* Date of filing and acknowledgment number of Form 10-IA

* UDID Number

Schedule 80U: Deduction Details for Persons with Disability (ITR 3)

Schedule 80U of the Income Tax Act has been introduced to facilitate deduction claims for individuals with disabilities. The schedule requires the following details:

* Nature of disability

* Date of filing Form 10-IA

* Acknowledgment number of Form 10-IA

* UDID number (if available)

Disclosure of Deduction u/s 80CCH for Contribution to Agniveer Corpus Fund (ITR 1, 2, 3 & 4)

Section 80CCH of the I-T Act was inserted vide Finance Act 2023 which allows individuals to claim deduction against amount deposited in the Agniveer Corpus Fund. Accordingly, a column has been included in “PART C – DEDUCTIONS AND TAXABLE TOTAL INCOME” to furnish the amount eligible for deduction.

Separate disclosure of winnings from online games u/s 115BBJ [ITR 2, 3, 5 and 6]

Section 115BBJ of the I-T Act (inserted via Finance Act 2023) applies to tax winnings from online games. Schedule OS (Other Sources) has been amended to disclose income by way of winning from online games chargeable u/s 115BBJ of the I-T Act.

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