Income tax new forms: The Income Tax department on Friday notified forms for filing Income Tax returns (ITR) for financial year 2022-23. Notably, the ITR forms 1-5 have been notified by the Central Board of Direct Taxes (CBDT). The new ITR forms for the financial year 2022-23 seek details of income from overseas retirement benefit accounts from taxpayers.
Income Tax department Income tax new forms:
ITR- form 1: to be filled by individuals having income up to Rs 50 lakh, has been kept broadly the same as last year. However, the assesses will have to provide information about income from overseas retirement funds while calculating their net salary.
ITR- form 2: The ITR-2 form seeks information regarding the interest accrued in the provident fund (PF) on contributions exceeding Rs 2.5 lakh per annum.
ITR- form 3: ITR-3 is filed by people having income as profits from business/ profession.
ITR Form 4: ITR Form 4 (Sugam) are simple forms that cater to a large number of small and medium taxpayers. ITR Form 4 can be filed by individuals, HUFs and firms with total income up to Rs 50 lakh and having income from other businesses and professions.
ITR Form 5: ITR-5 can be filed by corporate body limited liability partnership (LLP). Significantly, ITR-1 form has been kept the same just like last year.
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New Income Tax rules from April 1: As April 1 marks the beginning of the new financial year, several rules related to the Income Tax are change from April 1. This year, many changes such as crypto tax, revised TDS and TCS rates, ITR filing rules have become applicable. Moreover, the Centre from today will ALSO relax provisions under Section 80DD that offers tax breaks for differently abled people.
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