CBDT Releases New ITR Forms For FY 2022-23. Check Details

Taxpayers must note that there are no major changes in the ITR forms which have been notified by the Central Board of Direct Taxes almost two months earlier than usual

The CBDT released income tax return forms for the current financial year, 2022-23 (AY 2023-24)

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The Central Board of Direct Taxes (CBDT) has released the income tax return forms for the current financial year, 2022-23 (AY 2023-24). Taxpayers must note that there are no major changes in the ITR forms which have been notified almost two months earlier than usual. Typically, the Centre notifies the ITR forms at the end of the financial year or at the start of the new financial year. Also, note that the last date for filing ITR for FY 2022-23 for individuals (whose accounts are not required to be audited) is July 31, 2023.

There is also no change in eligibility criteria regarding who can file the ITR-1 form.

Check the forms below for ITR returns

ITR1 Form

ITR1, also known as Sahaj, is meant for resident individuals whose total income does not exceed Rs 50 lakh, reported the publication The Economic Times citing the notification released on February 10. In this case, the sources of income must be salary income, one house property, other sources such as interest income, dividend income, etc., and agricultural income, which can only be up to Rs 5,000.

Remember that the ITR-1 cannot be filed by individuals who are either directors in a company or holding unlisted equity shares. Those individuals whose tax has been deducted under Section 194N (TDS on cash withdrawal from banks) or have income tax liability for ESOPs cannot use ITR-1 form for filing tax returns. Hindu undivided families (HUFs) also cannot use ITR-1 to file their tax returns for FY 2022-23.

ITR-2 Form

This needs to be filled by individuals or HUFs if they do not have income from business or profession. It means any individual with capital gains or losses from sale of assets such as equity shares, mutual funds, house property, etc., can report gains or losses to the tax department via ITR-2. Also, if the taxpayer has more than one house property or his/her status is non-resident, then ITR-2 needs to be filled. Moreover, if an individual is a director in a company or holding unlisted equity shares, then also ITR-2 will be used.

ITR-3 Form

This is used by individuals or HUFs having income from businesses or professions.  

ITR-4

It is meant for individuals having a business or profession and have opted for the presumptive scheme under the Income-tax Act, 1961. The ITR form can be used by individuals, HUFs, firms (other than Limited Liability Partnership firms), having total income up to Rs 50 lakh, and having income from businesses and professions which is computed under sections 44AD, 44ADA, 44AE.

ITR-5

This is meant for taxpayers other than individuals, HUFs, companies, or those filing ITR-7 ITR-5 is usually used by LLPs, cooperative societies, and so on. ITR-6 is used by companies.