For the assessment year (AY) 2023–2024, the Central Board of Direct Taxes (CBDT) has made the income tax return forms available. In the past, the Centre would announce the ITR forms at the conclusion of the fiscal year or the beginning of the next. All the parties would have plenty of time if ITR forms were announced beforehand. Taxpayers may anticipate completing their income tax returns shortly after the fiscal year ends thanks to the prompt availability of the forms for FY 2023–24. ITR forms for the relevant financial year were previously announced by the income tax agency in either March or April.
Different Kinds of Income Tax Return (ITR) Forms:
- An individual with income up to 50 lakh rupees who earns income from a salary, one property, or other sources (interest, etc) may submit an ITR Form 1.
- ITR-2 is to be furnished via people who poses an income exceeding Rs 50 lakh and carrying income from residential property.
- ITR-3 by people maintaining income as profits from business/ profession.
- ITR Form 4 is an easy form that serves a lot of small and medium taxpayers.
- LLPs and enterprises file ITR-5 forms.
- Businesses submit ITR- 6, accordingly.
- Businesses as well as LLPs file ITR-6 forms.
New AY 2023-24 ITR Forms Changes for Taxpayers:
- An individual with income up to 50 lakh rupees who earns income from a salary, one property, or other sources (interest, etc) may submit an ITR Form 1.
- ITR-2 is to be furnished via people who poses an income exceeding Rs 50 lakh and carrying income from residential property.
- ITR-3 by people maintaining income as profits from business/ profession.
- ITR Form 4 is an easy form that serves a lot of small and medium taxpayers.
- LLPs and enterprises file ITR-5 forms.
- Businesses submit ITR- 6, accordingly.
- Businesses as well as LLPs file ITR-6 forms.
“Tax provisions for taxation of VDAs were introduced from FY 2022-23 hence the addition of new schedule is in line with the expectation,” the tax expert articulated.”
- In addition to the foregoing, the forms have been updated to incorporate additional questions about the choice of the new tax regime.
- The form asks the taxpayer to indicate if they opted for the new regime in the most recent assessment year and to indicate which assessment year they did so.
- Another question has also been added that asks taxpayers if they have ever opted out of the New Regime. It also expects them to provide the 10IE data for both selections.
