New ITR forms for AY 2023-24: The Income Tax Department has issued new Income Tax Return (ITR) filing forms for individuals and corporations for Assessment Year 2023-24 (FY 2022-23).
The Central Board of Direct Taxes (CBDT) notified ITR forms 1-6, ITR-V (verification form), and ITR acknowledgement form on February 10. (For further information, see What's New in New ITR Forms.)
As per media reports, AMRG & Associates Senior Partner Rajat Mohan stated that the CBDT has issued the income tax return forms for Assessment Year 2023-24 (for income generated in 2022-23) very early, which will assist taxpayers in preparing their income returns this year. Last year, such forms were sent out around the first week of April.
"Early notice of ITR forms will provide ample time to all stakeholders, including the e-filing portal, third-party software firms, taxpayers, and tax professionals. "This year, software companies can take advantage of the extra time to begin implementing excel utilities and third-party software for submitting ITRs," he added.
ITR Form Details
ITR-1 and ITR-4 are more basic forms that serve a significant number of small and medium-sized taxpayers.
An individual with an income of up to Rs 50 lakh from wages, one house property, and other sources can submit an ITR-1 (interest, etc). Individuals, Hindu Undivided Families (HUFs), and firms with a total income of up to Rs 50 lakh and income from business and profession can submit ITR-4.
People who earn a living from the residential property must file ITR-2.
Professionals file ITR-3, whereas LLPs and corporations file ITR-5 and ITR-6.
