ITR Forms for the Assessment Year 2023–24 have been made available by the CBDT via Notifications No. 04 & 05 of 2023, dated 10.02.2023 and 14.02.2023. These ITR forms will be in use starting on April 1, 2023, and they were announced far in advance to allow for the filing of returns commencing with the start of the subsequent Assessment Year.
No significant modifications have been made to the ITR Forms from last year’s ITR Forms in order to assist taxpayers and improve filing simplicity. The Income-tax Act of 1961 (the “Act”) modifications have only required the minimal minimum adjustments.
ITR Forms 1 (Sahaj) and Form 4 (Sugam), which are simpler forms, are used by many small and medium-sized taxpayers. A resident person who earns up to Rs. 50 lakh per year in salary, one residential property, additional sources (such as interest), and up to Rs. 5,000 in agricultural income may file a sahaj. Individuals, Hindu Undivided Families (HUFs), and corporations (other than Limited Liability Partnerships (LLPs)) who are residents and have total income up to Rs. 50 lakh as well as income from their profession and business as determined by Sections 44AD, 44ADA, or 44AE are eligible to file a Sugam.
ITR Form 2 is for individuals and HUFs who do not have income from a company or profession (and are therefore ineligible to file Sahaj), while ITR Form 3 is for those who do. ITR Form 5 can be submitted by people other than individuals, HUFs, and companies, such as partnership firms, LLPs, etc.
Filing ITR Form 6 is required to claim an exemption under Section 11.
ITR Form 7 can be submitted by trusts, political parties, charity organisations, and other entities claiming exempt income under the Act.
In order to further simplify the ITR filing procedure, not only were all ITR forms informed in plenty of time this year, but there have also been no modifications made to the way ITR Forms are filed in comparison to previous year. The Department’s website, www.incometaxindia.gov.in, will have the ITR Forms that have been notified.
