ITR forms notified for FY23, have schedule for virtual digital assets

The Central Board of Direct Taxes (CBDT) has come out with forms for Income Tax returns for this financial year but not a common form as suggested earlier.

The return forms are almost identical to the previous ones but have one additional feature. A separate schedule for virtual digital assets (VDA) has been added to report income from assets such as crypto currency.

The separate schedule for VDA requires details like date of acquisition, date of transfer head under which income to be taxed (Capital Gain), cost of acquisition (in case of gift) to be filled in by a person who is in receipt of amounts.