The Income Tax Department has notified all the income tax forms for the assessment year 2023-24 and assessment year 2022-23. As per the revised norms, the taxpayers on which the Government has carried out the search and seizure process are now eligible to file a revised ITR under Section 153 C.

“In February, CBDT also made certain changes in the ITR-1 form with regard to disclosure under Section 139 (1), which is filed voluntarily by persons having annual taxable income of less than Rs 2.5 lakh. These individuals will not be required to intimate in their ITR forms even if their fixed deposits exceed Rs 1 crore,” mentioned News18.

ITR-4 Sugam and Others for FY 2022-23

ITR-1 and ITR-4 are designed for small taxpayers to medium taxpayers to disclose all about their financial activity.

ITR-1 can be utilised by taxpayers having an income of up to ₹50 lacks, receiving income from salary, property and other sources. ITR-4 is utilised by earning individuals, Hindu Undivided Families or HUFs and firms having total incomes up to ₹50 lahks.

On the other hand, the ITR-2 form is utilised by people earning from residential property having an income of more than ₹50 lacks. ITR-3 is used by professionals and ITR-5 and ITR-6 are for LLPs and businesses.

The Income Tax Department is still working on releasing all the ITR forms. However, for the financial year 2022-23 and assessment year 2023-24, IT Department has notified ITR-1 and ITR-4 forms for small to medium-level taxpayers.

Who is Eligible to File ITR-4?

ITR-4 is for those entities and individuals who are earning up to ₹50 lahks. This includes HUFs, salaried individuals, self employed and businesses. ITR-4 is computed under Sections 44AD, 44ADA or 44AE and income generated through agriculture up to ₹5,000.