The Income-Tax Department has released forms for individuals and businesses to file I-T returns for the fiscal year 2022-23.
The Central Board of Direct Taxes (CBDT) announced the availability of ITR forms 1-6, ITR-V (verification form), and ITR acknowledgement form, in a statement dated February 10.
The income tax return forms for Assessment Year 2023–24 (for income received in 2022-23) were announced by the CBDT relatively early, according to AMRG & Associates Senior Partner Rajat Mohan, which will facilitate taxpayers in filing their income tax returns early this year.
Such forms received notification the first week of April of the previous year.
"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 added.
ITR forms 1 to 4
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).
While ITR-2 is filed by people having income from residential property, ITR-3 is filed by professionals. ITR-5 and ITR-6 are filed by LLPs and businesses.
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.
With inputs from Agencies.
