ITR Form 2023-24: The Central Board of Direct Taxes (CBDT) has released the income tax return form for the financial year 2022-23. CBDT usually issues income tax return form in the new financial year. However, this notification has been given before the start of the financial year.
Common ITR Form: Common ITR form has not come this time either
This was heard from Finance Minister Nirmala Sitharaman on February 1. Finance Minister said to bring Common ITR Form instead of bringing separate form for everyone. That’s why this time CBDT was expected to introduce common income tax return form for filing income tax return. He proposed this to improve service to taxpayers and simplify the income tax return process. However, it is not operational from the next financial year.
ITR Form 2023-24: How many types of income tax return forms are there?
There are total 7 types of income tax return forms for different categories of taxpayers. Income Tax Department has released Form No. 1 to Form No. 5. Through these forms, taxpayers can file income tax returns for the assessment year (2023-24).
For whom ITR Form No.1
This Income Tax Return Form is for those whose annual income is up to Rs. 50 lakhs. If there is income from any household property other than salary then Form No. 1 will be required. Also, individuals with income from interest and dividend, income from agriculture up to Rs 5000 per annum can also file this ITR form return.
For whom ITR Form No.2
If there is capital gain from sale of mutual funds, stocks or immovable property or if there is more than one house property, such taxpayers need to file ITR-2. Individuals earning from business or profession need not file ITR-2.
Who is Form 3 for?
Income Tax Return Form No-3 will be applicable for Individuals and Hindu Undivided Families (HUFs). Those who have profit from business or income from profit, need to fill this form.
ITR Form No.4
ITR-4, also known as SUGAM. This form is applicable to an individual, HUF (Hindu Undivided Family), (other than LLP) entities earning up to Rs.50 lakhs from business and profession. This form is not applicable to persons who have invested in unlisted equity shares or directors of a company. Even those persons having agricultural income of more than Rs.5,000 are not eligible for this form.