New ITR forms for AY 2023-24: New Income Tax Return (ITR) filing forms for individuals and businesses for Assessment Year 2023-24 (FY 2022-23) have been notified by the Income Tax Department. Through a notification dated February 10, the Central Board of Direct Taxes (CBDT) notified ITR forms 1-6, ITR-V (verification form) and ITR acknowledgement form. (Read: What’s new in New ITR forms)
News agency PTI quoted AMRG & Associates Senior Partner Rajat Mohan as saying that CBDT has notified the income tax return forms for Assessment Year 2023-24 (for income earned in 2022-23) quite early, which would help taxpayers prepare their income returns early this year. Last year, such forms were notified in the first week of April.
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“Early notification of ITR forms would give ample time to all the stakeholders, including the e-filing portal, third-party software companies, taxpayers, and tax professionals. This year, software vendors can use this extra time for an early implementation of excel utility and third-party software for filing ITRs,” Mohan was quoted as saying.
Income Tax Calculator AY 2023-24
ITR Form details
ITR-1 and ITR-4 are simpler forms that cater to a large number of small and medium taxpayers.
ITR-1 can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property and other sources (interest, etc). ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs) and firms with total income up to Rs 50 lakh and having income from business and profession.
ITR-2 is filed by people having income from residential property.
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ITR-3 is filed by professionals while ITR-5 and ITR-6 are filed by LLPs and businesses.