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The recipient of the dividend will be liable to pay taxes from 1st April 2020. Relevant Sections such as Section 10(34), 10(35), 115-O are amended in the Act and accordingly, suitable changes are incorporated in the ITR Form.
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In case if the dividend is not received the taxpayers are given relief payment of advance tax liability. So the ITR Form allows the taxpayers to enter the details of the dividend income every quarter so that the interest under Section 234C can be computed for default in the payment of advance tax.
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With the amendments in the Finance Bill 2021 in section 44AB the threshold limit of the tax audit is increased from Rs. 5 crores to Rs.10 crores if the cash payments are less than 5 percent of the total amount of sales or turnover. The corresponding amendment is incorporated in the ITR Form.
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The Schedule DI inserted for the AY 2020-2021 to claim the deduction for the investments or expenditures that are made in the extended period ( 1st April 2020 to June 30th, 2020) is removed in the ITR Form for the AY 2021- 2022.
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Schedule 112A and Schedule 115AD (1) (b) (iii) proviso are changed with an additional column to mention the details of the nature of the securities that are transferred for the resultant capital gains tax under the Section 112A or Section 115 AD (1) (b) ( iii) of the Income Tax Act. The schedules are also modified so that the taxpayers can provide information for the sale price, fair market value, and the cost of acquisition of the security.
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The Part A of the ITR 3 Form has general information that is modified where the taxpayer is given to choose the best alternative option of the new tax regime under Section 115 BAC.
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The assessee that earns income from business or profession and opting for an alternative tax regime is needed to mention the date of filing the Form 10-IE and the acknowledgment number.