Listed below are the major changes in ITR-2 with respect to AY 22-23:
• Acquisition and transfer dates of building/land
• Details of cost of improvement, year of improvement and indexed cost of improvement
• Separate disclosures pertaining to cost and indexed cost of acquisition
• If the property is located in a foreign country, then the country code and zip code
Taxpayers need to provide reports of interest accrued on Provident Fund upon which he would not be able to avail exemptions.
There is a provision of new schedule for reporting of deferred tax on ESOP. One has to disclose the following details:
• Tax deferred in the ITR filed
• Date of sale of the particular securities and the amount of payable tax on such sales
• The amount of tax payable in the current assessment year
• The date from which the assesse was no longer a part of the organization
• The balance of the tax amount that would be carried over to the next assessment year
As per Section 89A, the assesee will receive relief from taxation of income from retirement benefits account that he has in a notified country. In the new ITR form, details of income from salary or Schedule S needs the following disclosures:
• Income from the account of retirement benefits that is maintained in a notified country mentioned under Section 89A
• Income from retirement benefits account that exists in any other country other than the ones notified u/s 89A
• Pensioners – CG
• Pensioners – PSU
• Pensioners – SC
• Pensioners – Others
• A resident taxpayer needs to disclose his foreign assets and all foreign income earned under Schedule FA in the new ITR forms.
• Even if the taxpayer is the beneficial owner of a foreign asset or has any financial interest in a foreign entity, he needs to provide an adequate report in the ITR form.
• Furthermore, the assessee needs to disclose the information if he holds foreign assets like foreign equity and debt interest in trusts that were created outside India. Additionally, information about Foreign Deposit Account, if applicable is required.