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ITR Form FY 2023: The Income Tax Department has notified the ITR form for the financial year 2022-23 i.e. assessment year 2023-24. The Central Board of Direct Taxes (CBDT), in a notification dated February 10, said that all ITR Forms 1 to 6 have been issued. Along with this, ITR-V (Verification Form) and ITR Acknowledgment Form have also been notified. This ITR form is for individuals and businessmen, which they will file according to their income and its sources. Rajat Mohan, Senior Partner, AMRG & Associates, said that 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. There will be help.
It is released in April, do not make this mistake even by mistake
Last year such forms were notified in the first week of April. ITR-1 and ITR-4, used by a large number of small and medium taxpayers, have been simplified. According to Rajat Mohan, earlier release of the form will help taxpayers as well as third party software companies who file. They will get enough time to file their form without any mistake. The most important thing to note while filing ITR is that it is very important to choose the right ITR form. Once you select the new tax regime, you will always have to file under the same. Let me tell you, this time the government had brought income up to 7 lakhs under the ambit of tax exemption in the new tax regime, whereas in the old tax regime only income up to 5 lakhs comes under tax exemption.
Know which forms are necessary for whom
- 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.). It is also fit for those whose agricultural income is up to Rs.5,000.
- ITR-2 form is filled by people who earn from their residential property.
- ITR-3 is to be used by an individual or a Hindu undivided family having income under the head profits and gains of business or profession and who has filed ITR-1 (Sahaj), ITR-2 or ITR-4 (Sugam) forms. Not eligible for
- 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.
read this also: Capital Gains Tax: What is capital gains tax, how you can save money with its help
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