Virtual Digital Assets
ITR Forms for FY 2023-24 include schedule for declaring virtual digital assets
New Delhi: The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2023-24 and will come into effect from 1st April 2023, the Ministry of Finance said.
The forms have been notified well in advance in order to enable the filing of returns from the beginning of the ensuing Assessment Year, it added.
A separate schedule for virtual digital assets (VDA) has been added to report income from assets such as cryptocurrency, said reports.
The taxpayers owning VDA have to furnish details like date of acquisition, date of transfer head under which income to be taxed (Capital Gain), and cost of acquisition (in case of gift) to be filled in by a person who is in receipt of amounts.
The government had introduced the provisions for taxing VDAs in Financial Year 2022-23.
Income from the transfer of virtual digital assets, like crypto and non-fungible tokens (NFTs), are taxed at 30 percent at the end of each financial year.
No deduction, except the cost of acquisition, is allowed while reporting income from the transfer of digital assets
The schedule for VDA is present in every ITR except ITR1.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
