CBDT notifies ITR forms for assessment year 2023-24

The Central Board of Direct Taxes (CBDT) has notified income-tax return forms (ITR forms) for the assessment year 2023-24, which can come into impact from April 1, 2023.

The division stated in a press release that the brand new forms have been notified nicely prematurely so as to allow submitting of returns from the start of the following assessment year.

In order to enhance ease of submitting, no vital modifications have been made within the ITR forms, as was the case in final year’s ITR forms.

Only naked minimal modifications necessitated as a result of amendments within the Income Tax Act, 1961 have been made, official sources stated.

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are less complicated forms that cater to numerous small and medium taxpayers.

Sahaj could be filed by a resident particular person having earnings of as much as Rs 50 lakh and who receives earnings from wage, one home property, different sources (curiosity, and so on.) and agricultural earnings of as much as Rs 5,000.

Sugam could be filed by people, Hindu Undivided Families (HUFs) and corporations (aside from Limited Liability Partnerships (LLPs)) being a resident having complete earnings as much as Rs 50 lakh and earnings from enterprise and occupation computed underneath sections 44AD, 44ADA or 44AE.

Individuals and HUFs not having earnings from enterprise or occupation (and never eligible for submitting Sahaj) can file ITR Form 2 whereas these having earnings from enterprise or occupation can file ITR Form 3.

Persons aside from people, HUFs and firms, i.e., partnership corporations, LLPs, and so on. can file ITR Form 5.

Companies aside from corporations claiming exemption underneath part 11 can file ITR Form 6.

Trusts, political events, charitable establishments, and so on., claiming exempt earnings underneath the Act can file ITR Form 7.

(With inputs from IANS)