ITR Forms: The Income Tax Department has notified the ITR form for the financial year 2022-23 i.e. assessment year 2023-24. The Central Board of Direct Taxes (CBDT) has issued all forms from the first form to the sixth form of ITR through a notification dated 10th February. Apart from this, ITR-5 (verification form) and ITR acknowledgment form have also been notified.
ITR Forms: The Income Tax Department has notified the ITR form for the financial year 2022-23 i.e. assessment year 2023-24. The Central Board of Direct Taxes (CBDT) has issued all forms from the first form to the sixth form of ITR through a notification dated 10th February. Apart from this, ITR-5 (verification form) and ITR acknowledgment form have also been notified. These ITR Forms (Income Tax Return Forms) are for Individuals and Businesses which they have to file by selecting them according to their income and source of income.
Forms have been released early this time
CBDT has issued the form to file ITR for the financial year 2022-23, while this financial year is not over yet. Last year these types of forms were issued in the first week of April. The early release of forms will not only benefit taxpayers but also e-filing portals, third party software companies and tax professionals. This is because they will now get more time for ITR related preparations.
What is the meaning of all forms of ITR?
ITR-1 is to be filed if the income is up to Rs 50 lakh and income from salary, one house property and other sources including interest. On the other hand, individuals, HUFs (Hindu Undivided Families) and firms will file ITR-4 with income up to Rs 50 lakh and income from business-profession. ITR-2 for income from residential property, ITR-3 for professionals, ITR-5 and ITR-6 for LLPs (Limited Liability Partnership) and businesses.
