ITR Filing: With the beginning of the new financial year, the Income Tax Department has notified a new ITR form for FY23.
new Delhi. Today is April 1 and from today the new financial year 2022-23 has started. At the same time, the Income Tax Department has notified a new ITR form for the financial year 2022-23. The department has made many new changes in the new form. Now in this, information has been sought from the taxpayers about the income from Overseas Retirement Benefit Accounts. The Central Board of Direct Taxes (CBDT) has recently notified the Income Tax Return Form 1-6 in a circular.
Talking to Mint, Sebi Registered Tax and Investment Expert Jitendra Solanki regarding the new notification of Income Tax Department said that CBDT has kept the ITR form unchanged and hence there is no change in ITR filing form and rules. These rules will be applicable from today i.e. 1st April 2022.
ITR Form 1 or SAHAJ: This is for those earning individuals who are salaried and have no other income like long term capital gains etc and their annual income is less than Rs 50 lakhs.
ITR Form 2: This is for those who are salaried and whose income is from other sources but not from business. In other words, taxpayers other than business income category can file this ITR Form 2.
ITR Form 3: Those who have business income will file this form.
ITR Form 4: This is for large business income group taxpayers who can give an approximate 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 registered companies other than section 11.
The ITR-1 form has been largely retained as last year, with the new addition to the form including income from overseas retirement benefit accounts for computing net salary. It also seeks details as to whether the said accounts have been maintained in a notified country under section 89A of the IT Act. Taxpayers can also claim relief from taxation under section 89A on this income.
