CBDT notifies Income tax Return Forms (ITR Forms For AY 2023-24) In Advance
Central Board of Direct Taxes CBDT has announced income tax returns forms (ITR-1 to ITR-6) for AY 2023-24 (FY 2023-23). The CBDT has notified ITR-1 to ITR-6 on 10 February 2023 and ITR-7 on 14th February 2023. However, No big amendments are made to ITR forms by the government.
Moreover, the government notifies the forms usually at the end of the financial year or starting of the financial year. But this time, the government informed about the ITR forms before the 2 months of starting the financial year.
It is worth noting that the last date for filing income tax returns for the financial year 2022-23 for individuals (whose accounts are not required to be audited) is July 31st, 2023.
To keep the ITR filing process easy and simple, no significant changes have been made to ITR forms as compared to last year's ITR forms. Only the least essential changes have been done. Some of the major changes are mentioned below as per the netizens-
There are no single changes to the ITR-1 (Sahaj) for taxpayers. In the rest forms, there is a new schedule added to get the reports about the income earned from the VDA (Virtual Digital Asset) under the head of capital gains. This new schedule asks for the details of the cost of acquisition, and transfer date along with the date of acquisition. Thus the income earned from the virtual digital asset must be furnished in a new schedule quarterly.
Types of ITR Forms
The CBDT did not modify the eligibility criteria in ITR forms regarding who can file the ITR-1 form or who can not. ITR-1, also known as Sahaj, is applicable for individuals who are resident individuals and whose total income is not above Rs 50 lakh.
Provided the sources of income should be salary income, income from one house property, including sources of interest income, dividend income, agricultural income etc, which can only be up to Rs 5,000. Here it is to be noted that the ITR- or Sahaj can not be filed by the directors in a company or holders of the shares.
- ITR-2 - The individuals whose tax has been deducted under section 194N or have a tax liability on their income for employee stock ownership plans (ESOPs) are forbidden to file their income tax returns using ITR-1. HUFs are not allowed to use the ITR-2 form to file their returns for the financial year 2022-23.
- ITR form-2 is quite similar to the Sahaj. HUF and individuals can also file this ITR-2 form but it forbids those individuals and HUFs from filing whose income is earned from business or any other profession.
- ITR-3 Form is to be filed by the people having income from the profession or profit of the business.
- The ITR-4 form is a simple and easy form that furnishes a large amount of small and medium taxpayers.
- ITR-5 can be filed by taxpayers other than individuals, HUFs, and companies such as partnership firms, and LLPs, etc.
- ITR-6 form is to be filed by companies other than companies that are claiming exemption under section 11.
- ITR-7 form can be filed by the trusts, political parties, and charitable institutions claiming exempt income under the Act
Must Read: A Guide to ITR
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