Income Tax Return Form: The new income tax return form has been notified for the financial year 2022-23 and assessment year 2023-24. Let’s know the complete details about it.
The Central Board of Direct Taxes has also notified Income Tax Return Acknowledgment along with the new Income Tax Return Form for the assessment year 2023-24. Although the CBDT always notifies the income tax return form at the beginning of the financial year, but this time it has been notified before the start of the new financial year.
The Central Board of Direct Taxes (CBDT) vide a notification dated February 10 has notified ITR Forms 1-6, ITR-V (Certification Form) and ITR Acknowledgment Form.
Rajat Mohan, senior partner, AMRG & Associates, said the CBDT has notified the income tax return forms for assessment year 2023-24 (for income in 2022-23) very early, which has helped taxpayers prepare their returns of income. Will help. Last year such forms were notified in the first week of April.
ITR-1 and ITR-4, used by a large number of small and medium taxpayers, have been simplified earlier.
This information came for the common ITR form
This time it was expected that CBDT could issue Common Income Tax Return for filing income tax return from this year. Finance Minister Nirnala Sitharaman also proposed a common income tax return form for all taxpayers while presenting the budget on February 1, 2023.
He had said that it has always been the endeavor of the Income Tax Department to improve taxpayers’ services and make compliance easier and easier. She wants to see more improvements in this, so for the convenience of taxpayers, the Next Generation Common Income Tax Return Form will be rolled out. However, it is not being launched from the coming assessment year.
