Changes In ITR-7: Here's How It Will Impact Taxpayers

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Changes In The ITR-7

Changes in the ITR-7 were bought by the Central Board of Direct Taxes with the aim of improved reporting on taxes and a better tax administration.

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New Split in Capital Gains Reporting

The change in capital gains reporting include the introduction of date-based bifurcation. Now the capital gains for transaction before and after July 23, 2024 have to be made separately.

Capital Gains

Aim Of This Change

The direct aim of this change is to make sure that the correct tax rates and indexation benefits are applied at the time of each transaction.

Aim Of This Change

Changes In Schedule-TDS

The new forms for claiming TDS now ask one to disclose the compliance. Now, information in TDS claims and Form 26AD must be matched.

TDS

Mismatches During Form 26AS

The mismatches during form 26AS are reduced by the compliance of TDS claim and form 26AD.

Mismatches During Form 26AS

Capital Loss

With the changes, the shareholders can claim a capital loss equivalent to the purchase price of the repurchased shares as long as the dividend income is recorded as "Income from Other Sources."

Loss

Changes In Section 24(b

The changes in ITR-7 also include details about the house, property schedule, rent and interest on borrowed funds.

Changes In Section 24(b

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