The Centre has announced forms for filing I-T returns by people and corporations for the 2022–23 fiscal year, only days after raising the yearly income tax exemption limit for individual taxpayers under the new tax regime from Rs 500,000 to Rs 7 lakh.
Through a notification dated February 10, the Income-Tax Department informed ITR forms 1-6, ITR-V (verification form), and ITR acknowledgement form of the change. Such forms received notification in the first week of April in 2022.
The Central Board of Direct Taxes (CBDT) has notified the income tax return forms for Assessment Year 2023–24 (for income received in 2022-23) relatively early, according to AMRG and Associates Senior Partner Rajat Mohan. This will enable taxpayers submit their income returns early this year.
On February 13, the Center informed the Lok Sabha that over 4.1 crore individual taxpayers declared incomes up to Rs 5 lakh in the financial year (AY) 2021–22. Additionally, 1.4 crore taxpayers declared incomes between Rs 5 and Rs 10 lakh, and over 6.3 crore total returns were filed in AY 2021–22.
Six types of ITR forms:
ITR-1 and ITR-4 are less complex forms that are used by many small and medium-sized taxpayers. An individual with income up to Rs 50 lakh who earns income from a salary, one residential property, and other sources may file an ITR-1 (interest, etc).
Hindu Undivided Families (HUFs), businesses, and individuals with a combined income of up to Rs 50 lakh from their businesses and professions may file an ITR-4.
ITR-3 is filed by professionals, whereas ITR-2 is filed by those with income from residential real estate. LLPs and enterprises must file Forms ITR-5 and ITR-6.
