Beginning on April 1, income tax return forms will be accessible: Tax Body
No substantial modifications have been made to the ITR forms compared to the ITR Forms from the previous year in order to assist taxpayers and increase the simplicity of filing, according to the Income Tax department.
In New Delhi: The ITR (Income Tax Return) forms for 2022–23 will take effect on April 1 and have been announced far in advance to enable the filing of returns from the start of the following Assessment Year, according to the Income Tax department on Wednesday.
No substantial modifications have been made to the ITR forms compared to the ITR Forms from the previous year in order to assist taxpayers and improve the simplicity of filing. Almost no adjustments are necessary as results dating from the start of the subsequent Assessment Year.
No substantial modifications have been made to the ITR forms compared to the ITR Forms from the previous year in order to assist taxpayers and improve the simplicity of filing. The Income-Tax Act, 1961 revisions have just required the barest minimum changes, it was added.
For income received in 2022–2023, the Central Board of Direct Taxes (CBDT) announced income tax return forms 1-6 for individuals, professionals, and businesses on February 10. Additionally, ITR-7 forms for political parties, universities, scientific research institutions, and charity trusts were announced on February 14.
“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,” the Central Board of Direct Taxes (CBDT) said in a statement.
Usually, ITR forms for a particular financial year are notified by the end of March or early April. ITR Forms 1 (Sahaj) and 4 (Sugam), which are less complex forms, are used by many small- and medium-sized taxpayers. A resident who earns up to 50 lakh rupees annually from wages, one home, other sources (interest), and up to five thousand rupees from agriculture is eligible to submit a sahaj.
Individuals, Hindu Undivided Families (HUFs), and businesses (other than Limited Liability Partnerships (LLPs)) who are residents and have total annual income up to 50 lakh, as well as income from their profession and business, may submit a sugam.Individuals and HUFs not having income from business or profession (and not eligible for filing Sahaj) can file ITR-2 while those having income from business or profession can file ITR-3.
“In order to further streamline the ITR filing process, not only have all the ITR forms been notified well in time this year, no changes have been made in the manner of filing of ITR Forms as compared to last year,” the CBDT said.