income tax, ITR form released, information about buying and selling of cryptocurrency will be mentioned – information about buying and selling of cryptocurrency will be mentioned in itr form
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It was announced in Budget 2022 that income from transfer of any virtual digital asset is taxed at the rate of 30%. In addition, TDS of one per cent will be payable at source on any payment made in connection with the transfer of virtual digital assets. Experts say that the CBDT has notified the income tax return form for the assessment year 2023-24 (for income earned in 2022-23) very quickly. This will help the tax payer to prepare his return of income. Last year such forms were notified in the first week of April. ITR-1 and ITR-4, which are used by a large number of small and medium taxpayers, have been simplified.
ITR-1 form has to be filed for income up to Rs 50 lakh and income from salary, one house property and income from other sources including interest. Now the CBDT has simplified it for individuals having an annual taxable income of less than Rs 2.5 lakh under section 139(1). Now such people are not required to notify their ITR form. This will also apply to FDs above Rs 1 crore.
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