Income tax return (ITR) filing: The income tax department of India has notified new ITR forms for the financial year 2022-23. The Central board of Direct Taxes notified the notification for new ITR form 1 to ITR form 6 that will make a taxpayer’s job little easier as the notification has come with beginning of the new financial year. Those who file ITR are advised to go through the new CBDT notification as it will help them understand which ITR form to fill while filing their ITR.
Calling it as income tax (fourth amendment) rule the CBDT notification informed, “In exercise of the powers conferred by section 139 read with section 295 of
the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962.”
On short title and commencement, the CBDT notification says that the rules will come into effect from 1st April 2022.
Explaining the income tax department’s new notification; SEBI registered tax and investment expert Jitendra Solanki said, “The CBDT has kept the ITR forms unchanged and hence there is no change in ITR filing forms and rules.”
Jitendra Solanki went on to add that what does these ITR forms mean for a taxpauer. Here we list out one by one:
ITR form 1 or SAHAJ: This is for those earning individuals who are salaried and don’t have any other income like long term capital gain, etc and their annual income is less than ₹50 lakh.
ITR form 2: This is for those who are salaried and have income from other source but not from business. In other words other than business income category taxpayers can file this ITR 2 form.
ITR for 3: Those who have business income would file this form.
ITR form 4: This is for big business income group taxpayers who can give a presumptive figure of their annual turnover in this form.
ITR form 5: This is for those taxpayers who earn from a partnership firm.
ITR form 6: This is for companies registered other than Section 11.
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