The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2023-24 under a notification dated February 10, 2023. These ITR forms will come into effect from April 1, 2023.
“To facilitate the taxpayers and to improve ease of filing, no significant changes have been made to the ITR forms in comparison to last year’s ITR forms, the finance ministry said in a notification on February 15, 2023. “Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961, have been made,” it added.
know about: 44ae of income tax act
Types of ITR forms
ITR Form-1 (Sahaj) and ITR Form-4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers.
ITR Form-1: Sahaj
Sahaj can be filed by a resident individual having income of up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest, etc.) and agricultural income of up to Rs 5,000.
ITR Form-4: Sugam
Sugam can be filed by resident individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs) with an income of up to Rs 50 lakh and income from business and profession computed under Sections 44AD, 44ADA or 44AE.
ITR Form-2
Individuals and HUFs not having income from business or profession (and not eligible for filing Sahaj) can file ITR Form-2 while those having income from business or profession can file ITR Form-3.
ITR Form-5
People other than individuals, HUFs and companies i.e. partnership firms, LLPs, etc., can file ITR Form-5.
ITR Form-6
Companies other than companies claiming exemption under Section 11 can file ITR Form-6.
ITR Form-7
Trusts, political parties, charitable institutions, etc. claiming exempt income under the Act can file ITR Form-7.
“To further streamline the ITR filing process, not only all the ITR forms have been notified in advance, no changes are made in the manner of filing of ITR forms as compared to last year,” the ministry said adding that the notified ITR forms will be available on the department’s website, www.incometaxindia.gov.in.
