NEW DELHI: The Central Board of Direct Taxes (CBDT) has notified income-tax return (ITR) forms for assessment year (AY) 2023-24 to ensure a smooth filing process.
These ITR forms will come into effect from April 1, 2023 and have been notified well in advance in order to enable filing of returns from the beginning of the ensuing assessment year, according to a statement from the tax department.
In order to facilitate the taxpayers and to improve ease of filing, no significant changes have been made to the ITR forms compared to last year. Only some minor changes necessitated due to amendments in the I-T Act, 1961 have been made.
The tax department said ITR form 1 (Sahaj) and ITR form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having income up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest etc) and agricultural income up to Rs 5,000.
Sugam can be filed by individuals, Hindu undivided families (HUFs) and firms (other than LLPs) being a resident having total income up to Rs 50 lakh and income from business and profession.
Individuals and HUFs not having income from business or profession (and not eligible for filing Sahaj) can file ITR form 2, while those having income from business or profession can file ITR form 3. Persons other than individuals, HUFs and companies i.e. partnership firms, LLPs, etc can file ITR form 5. Companies other than companies claiming exemption under section 11 can file ITR form 6. Trusts, political parties, charitable institutions, etc claiming exempt income under the Act can file ITR form 7, according to the statement from the tax department.
These ITR forms will come into effect from April 1, 2023 and have been notified well in advance in order to enable filing of returns from the beginning of the ensuing assessment year, according to a statement from the tax department.
In order to facilitate the taxpayers and to improve ease of filing, no significant changes have been made to the ITR forms compared to last year. Only some minor changes necessitated due to amendments in the I-T Act, 1961 have been made.
The tax department said ITR form 1 (Sahaj) and ITR form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having income up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest etc) and agricultural income up to Rs 5,000.
Sugam can be filed by individuals, Hindu undivided families (HUFs) and firms (other than LLPs) being a resident having total income up to Rs 50 lakh and income from business and profession.
Individuals and HUFs not having income from business or profession (and not eligible for filing Sahaj) can file ITR form 2, while those having income from business or profession can file ITR form 3. Persons other than individuals, HUFs and companies i.e. partnership firms, LLPs, etc can file ITR form 5. Companies other than companies claiming exemption under section 11 can file ITR form 6. Trusts, political parties, charitable institutions, etc claiming exempt income under the Act can file ITR form 7, according to the statement from the tax department.
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