Income Tax: CBDT Notifies ITR Forms for Assessment Year 2023-24

New Delhi: The Central Board of Direct Taxes (CBDT) has notified income-tax return forms (ITR Forms) for the Assessment Year 2023-24. These ITR forms will come into effect from April 1, the CBDT said, adding that it had been notified well in advance in order to enable the filing of returns from the beginning of the ensuing assessment year. To facilitate taxpayers and to improve ease of filing, no significant changes have been made to the ITR Forms in comparison to last year`s ITR forms, CBDT said in a statement, adding that only the bare minimum changes necessitated due to amendments in the Income Tax Act, 1961 (the `Act`) have been made.

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having income up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest etc.) and agricultural income up to Rs 5,000, according to the Board. Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs)) which has a total income up to Rs 50 lakh and income from business and profession computed under Sections 44AD, 44ADA or 44AE, said the CBDT in a statement.

Individuals and HUFs not having income from business or profession can file ITR Form 2 while those having income from business or profession can file ITR Form 3.According to the Board, persons other than individuals, HUFs and companies namely, partnership firms, LLPs, etc, can file ITR Form 5.

Companies other than 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. The notified ITR forms will be available on the department`s website at incometaxindia.gov.in.