The CBDT has released the Income-Tax Return Forms (ITR Forms) for the Assessment Year 2023-24, which will become effective from April 1, 2023.
The forms have been notified well in advance to facilitate taxpayers and enable the filing of returns from the beginning of the next Assessment Year.
To improve the ease of filing, the ITR Forms have undergone only minimal changes compared to last year’s forms. The changes made are only the bare minimum necessitated due to amendments in the Income-tax Act, 1961.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler Forms designed for a large number of small and medium taxpayers.
- Sahaj can be filed by a resident individual with income up to Rs 50 lakh, who receives income from salary, one house property, other sources, and agricultural income up to Rs 5 thousand.
- Sugam can be filed by individuals, Hindu Undivided Families (HUFs), and firms (other than Limited Liability Partnerships (LLPs)) being a resident with total income up to Rs 50 lakh and income from business and profession computed under sections 44AD, 44ADA or 44AE.
- Individuals and HUFs without income from business or profession (and not eligible for filing Sahaj) can file ITR Form 2, while those with income from business or profession can file ITR Form 3.
- Partnership firms, LLPs, and other persons (excluding individuals, HUFs, and companies) can file ITR Form 5.
- Companies (excluding those claiming exemption under section 11) can file ITR Form 6.
- Trusts, political parties, charitable institutions, etc. claiming exempt income under the Act can file ITR Form 7.
To further streamline the ITR filing process, no changes have been made to the manner of filing of ITR Forms compared to last year.
The notified ITR Forms will be available on the Department’s website at www.incometaxindia.gov.in
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