A few days ago with the release of Union Budget 2023, the Centre increased the tax exemption limit for up to ₹7 lacks for individual taxpayers, as per the new tax regime. Now the centre has finalised and released the ITR filing forms for all the individuals and businesses for the financial year 2022-23.
Income Tax Department Released ITR Filing Forms for FY 2022-23
ITR forms 1-6, ITR-V (verification form) and ITR acknowledgement form were notified by the Income Tax Department via online notification date February 10th. Also, in the year 2022, these kinds of forms were released in the first week of April.
AMRG and Rajat Mohan, the Associates Senior Partner stated that “Central Board of Direct Taxes (CBDT) has notified the income tax return forms for Assessment Year 2023-24 (for income earned in 2022-23) quite early, which would help taxpayers prepare their income returns early this year.”
On February 13, “the Centre in Lok Sabha said that there were over 4.1 crore individual taxpayers who reported an income of up to Rs 5 lakh in AY 2021-22. There were also 1.4 crore taxpayers who reported incomes between Rs 5 to Rs 10 lakh while the total returns filed in AY 2021-22 was over 6.3 crore, “ mentioned DAN India.
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Here are the Six Types of ITR Forms:
- ITR-1 & ITR-4 are small-scale taxpaying forms which enable small to medium-scale taxpayers. ITR-1 is used to file ITR by individuals who earn up to ₹50 lacks receiving income from salary, one house property and other sources (interest, etc).
- ITR-4 is filed by individuals, Hindu Undivided Families (HUFs) and firms with a total income of up to ₹50 lakhs earning from business and profession.
- “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,” mentioned DNA India,
