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CBDT overhauls format of audit report applicable to charitable institutions
This Tax Alert summarizes the key amendments made to the Income Tax Return (ITR) forms for tax year 2022-23, vide Notifications No. 4 and 5 of 2023 dated 10 and 14 February 2023 (Notifications) issued by the Central Board of Direct Taxes (CBDT).
The amendments made in the new tax return forms are largely consequential to the amendments made in the provisions of Income Tax Laws (ITL) by Finance Act (FA) 2022, such as introduction of scheme for taxing income from transfer of virtual digital asset (VDA), filing of modified return pursuant to scheme of business re-organization, alternate regime of taxation introduced for individuals and Hindu Undivided family (HUF).
Further, the provisions or disclosures which are redundant and no longer relevant for the current tax year 2022-23, have been eliminated from the tax return forms, such as investment-linked deduction on new plant and machinery for undertakings located in backward area, removal of profit-linked deduction for those undertakings where the time to set up and claim profit-linked deduction has expired etc. Accordingly, the recently notified ITR forms have been amended to embrace the new changes introduced under the ITL and to do away with the redundant requirements.