CBDT said that these ITR forms will be effective from April 1, 2023. (file)
New Delhi:
The Income Tax Department on Wednesday said that ITR (Income Tax Return) forms for 2022-23 will be effective from April 1 and it has already been notified to enable filing of returns from the beginning of the upcoming assessment year.
For the convenience of taxpayers and to make filing easier, no significant changes have been made in the ITR form as compared to last year’s ITR form. It states that only the minimum changes required due to amendment in the Income Tax Act, 1961 have been made.
The Central Board of Direct Taxes (CBDT) on February 10 notified Income Tax Return Forms 1-6 for individuals, professionals and businesses for income earned in 2022-23. Also, ITR-7 form for charitable trusts, scientific research institutions, political parties and universities was notified on February 14.
“These ITR forms will be effective from April 1, 2023, and have already been notified for filing returns from the beginning of the ensuing assessment year,” the Central Board of Direct Taxes (CBDT) said in a statement. statement.
Generally, ITR forms for a particular financial year are notified in late March or early April.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simple forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having income up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest) and agricultural income up to Rs 5,000.
Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs)) having total income up to Rs 50 lakh and having income from business and profession.
Individuals and HUFs who do not have income from business or profession (and are not eligible for SAHAJ filing) can file ITR-2, while those having income from business or profession can file ITR-3.
CBDT said, “In order to further streamline the ITR filing process, this year not only all ITR forms have been notified on time, but there has been no change in the manner of filing ITR forms as compared to last year.” Is.”
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
featured video of the day
More Expensive Loans? RBI rate hike effect explained
