ITR Form For FY2022-23: Government notified income tax return form for the year 2022-23

 


ITR Form For FY2022-23: The government has notified the ITR form for the year 2022-23. ITR-1 and ITR-4, used by a large number of small and medium taxpayers, have been simplified earlier.

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ITR Form For FY2022-23:  The Income Tax Department has notified the form for filing ITR for individuals and businesses for the financial year 2022-23.

The Central Board of Direct Taxes (CBDT) vide a notification dated 10th February has notified ITR Forms 1-6, ITR-V (Certification Form) and ITR Acknowledgment Form.

Rajat Mohan, senior partner, AMRG & Associates, said 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 notified in the first week of April.

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ITR-1 and ITR-4, used by a large number of small and medium taxpayers, have been simplified earlier.

ITR-1 and ITR-4 are simple forms that cater to a large number of small and medium taxpayers.

ITR-1 can be filed by a person having income up to Rs 50 lakh and having income from salary, one house property and other sources (interest etc.). ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs) and firms having total income up to Rs 50 lakh and income from business and profession.

While ITR-2 is filed by people having income from residential property, ITR-3 is filed by professionals. ITR-5 and ITR-6 are filed by LLPs and businesses.

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It is noteworthy that while presenting the budget on February 1, Union Finance Minister Nirmala Sitharaman had talked about keeping the new tax system as a default. Although, the old system will also be maintained, but the old system will now remain as an option. Along with this, the Finance Minister has also changed the tax slab, now those earning up to lakhs annually will have to pay zero tax.

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