ITR Forms for AY 2023-2024: There is an important update from the tax authority for taxpayers. The government has notified the ITR form for income tax filing for 2022-23 and assessment year 2023-24 (for income in 2022-23).
The Central Board of Direct Taxes (CBDT) has notified forms for filing Income Tax Return (ITR) for individuals and businesses for the financial year 2022-23. Through a notification dated February 10, ITR Forms- ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V (Certification Form) and (Income Tax Return Acknowledgment Form) ITR Acknowledgment Form has been issued. You can see the updated ITR forms by visiting this link- https://egazette.nic.in
ITR Forms issued earlier always
Rajat Mohan, Senior Partner, AMRG & Associates, said that the CBDT has notified the income tax return forms for assessment year 2023-24 (for income in 2022-23) very early, which has helped taxpayers prepare their returns of income. Will help. Last year such forms were issued in the first week of April. There is good news that ITR-1 and ITR-4, used by a large number of small and medium taxpayers, have been made easier than before.
Those Indian citizens whose annual income is up to 50 lakh rupees, they fill Form 1. Your salary, pension or any other source is also included in earning up to 50 lakhs. Agricultural income up to Rs 5000 is also included in this. But if you are a director of a company, have invested in an unlisted company, earn from capital gains, have income from more than one house or property or earn from business, then you cannot fill this form.
ITR Form 2
If your income is more than 50 lakh rupees then this form is for you. Under this, more than one residential property, capital gain or loss on investment, dividend income of more than Rs 10 lakh and agricultural income of more than Rs 5000 have to be disclosed. Apart from this, even if the PF is earning as interest, then this form is also filled.
ITR Form 3
If you are a businessman, invested in equity unlisted shares, earning as a partner in a company, then you can fill ITR Form 3. Apart from this, you can also fill this form if you have income from interest, salary, bonus, capital gains, horse racing, lottery, rental income from more than one property.
ITR Form 4
Applicable for Individuals and HUF (Hindu Undivided Family). If you have income from your business or any profession such as income of doctor-lawyer, running partnership firms (other than LLP), income under section 44AD and 44AE and earning more than 50 lakhs from salary or pension People fill this form. If you are a freelancer but the annual income is more than 50 lakhs, then also you can fill this form.
ITR Form 5
ITR 5 is for those entities who have registered themselves as Firms, LLPs, AOPs, BOIs. The same form is also used for Association of Persons and Body of Individuals.
ITR Form 6 and 7
ITR Form 6 is for those companies which do not get exemption under section 11 of the Income Tax Act. Those companies and individuals who have to file return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) need to fill ITR Form 7.
