ITR Form: New income tax return form released, getting notified two months before these will be big benefits

[ad_1]

ITR Form 2023-24: Finance Minister Nirmala Sitharaman gave a big relief regarding income tax in the general budget. He has kept income up to 7 lakhs out of tax in the new income tax regime. Now the Income Tax Department has notified form number one to six for filing IT returns for individuals and businesses for the financial year 2022-23 and assessment year 2023-24. The Central Board of Direct Taxes i.e. Central Board of Direct Taxes has notified ITR Form 1-6, ITR-V (Verification Form) and ITR Acknowledgment Form through a notification on 10 February. These forms will be effective from April 1, 2023 and have been kept as simple as before, so that taxpayers do not face any problem in filing. Usually, ITR forms for a particular financial year are notified in late March or early April. In this way, this time the taxpayers are going to be benefited in many ways due to the early notification of the form.

Return Form 1 to 6 notified

CBDT has notified income tax return forms 1 to 6. There are ITR Form 1 (Sahaj) and ITR Form 4 (Sugam), which are meant for a large number of small and medium taxpayers. ITR 3 is filed by professionals, while ITR 5 and ITR 6 are filed by LLPs and businesses. Apart from all this, ITR Form 7 has been notified for charitable trusts, scientific research institutions, political parties and universities. CBDT has said that to make the ITR filing process more efficient, all ITR forms have been notified on time this year. Also, there has been no change in the method of filling ITR form as compared to last year.

simple and easy form

ITR 1 i.e. Sahaj form can be filed by a resident individual having income up to Rs 50 lakh, who receives income from salary, one house property, other sources (interest) and agricultural income up to Rs 5,000. Whereas, Sugam can be filed by individuals, Hindu undivided families and firms. This is for those individuals whose total income is up to Rs 50 lakh and their income is from business and profession. Early receipt of ITR forms will give more time for self-assessment of returns. This means that all stakeholders including e-filing portals, third-party software companies, taxpayers and tax professionals will get sufficient time for filing.

[ad_2]

Source link