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The Central Board of Direct Taxes (CBDT) has updated forms for Income Tax Return (ITR) and Indian Income Tax Return Acknowledgement, for the Assessment Year 2023-24, effective from April 01, 2023.
The forms include ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V and the Indian Income Tax Return Acknowledgement.
The updated forms can be accessed at https://egazette.nic.in
ITR 1
This Form is for individuals being a resident (other than not ordinarily resident) with a total income up to Rs 50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs. 5000. ITR-1 cannot be filed by individuals who are either directors in a company or holding unlisted equity shares.
Individuals whose tax has been deducted under Section 194N (TDS on cash withdrawal from banks) or have income tax liability for ESOPs are barred from using ITR-1 form for filing tax returns.
ITR 2
For Individuals and HUFs not having income from profits and gains of business or profession. Any individual having capital gains or losses from sale of assets such as equity shares, mutual funds, house property, etc., can report gains or losses to the tax department via ITR-2.
ITR 3
For individuals and HUFs having income from profits and gains of business or profession
ITR 4
Also known as Sugam, this form is for Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs 50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE
ITR 5
For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR 6
For Companies other than companies claiming exemption under section 11
While there are no major changes in the ITR forms, the forms have been notified almost two months earlier than usual.
Usually, the government notifies the ITR forms at the end of the financial year or at the start of the new financial year.
The last date for filing ITR for FY 2022-23 for individuals (whose accounts are not required to be audited) is July 31, 2023.
The forms include ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V and the Indian Income Tax Return Acknowledgement.
The updated forms can be accessed at https://egazette.nic.in
ITR 1
This Form is for individuals being a resident (other than not ordinarily resident) with a total income up to Rs 50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs. 5000. ITR-1 cannot be filed by individuals who are either directors in a company or holding unlisted equity shares.
Individuals whose tax has been deducted under Section 194N (TDS on cash withdrawal from banks) or have income tax liability for ESOPs are barred from using ITR-1 form for filing tax returns.
ITR 2
For Individuals and HUFs not having income from profits and gains of business or profession. Any individual having capital gains or losses from sale of assets such as equity shares, mutual funds, house property, etc., can report gains or losses to the tax department via ITR-2.
ITR 3
For individuals and HUFs having income from profits and gains of business or profession
ITR 4
Also known as Sugam, this form is for Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs 50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE
ITR 5
For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR 6
For Companies other than companies claiming exemption under section 11
While there are no major changes in the ITR forms, the forms have been notified almost two months earlier than usual.
Usually, the government notifies the ITR forms at the end of the financial year or at the start of the new financial year.
The last date for filing ITR for FY 2022-23 for individuals (whose accounts are not required to be audited) is July 31, 2023.
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