After delayed notification of Income Tax Return (ITR) Forms of the previous few years because of numerous causes, the Central Board of Direct Taxes (CBDT) has made a well timed notification of ITR-1 to ITR-6 for the Assessment Year (AY) 2022-23.
So, with the ITR Forms notified for AY 2022-23, can assessees begin submitting their return of revenue now?
“Notification of the ITR Forms does not allow the assessee to file their return of income. It is necessary for the Income Tax Department to make available a technical mechanism for enabling filing of return either by way of direct filing on the Income Tax website or by way of Income Tax utility,” mentioned Dr. Suresh Surana, Founder, RSM India.
On the Income Tax Portal – a brand new model of which was launched final 12 months – the web submitting choice for ITR-1 and ITR-2 are solely obtainable beneath the drop down choice of choosing the ITR Form to file returns of revenue for AY 2022-23.
ITR-1 is relevant for a Resident (apart from Not Ordinarily Resident) Individual having complete revenue as much as Rs 50 lakh within the Financial Year (FY) 2021-22 with revenue from wage or pension, one home property, different sources (like curiosity, household pension, dividend and many others) and/or agricultural revenue as much as Rs 5,000.
However, even after fulfilling the above criterion, ITR-1 can’t be filed by an individual, who – (i) is a director in an organization; (ii) has held any unlisted fairness shares at any time throughout the earlier 12 months; (iii) has any asset (together with monetary curiosity in any entity) positioned outdoors India; (iv) has signing authority in any account positioned outdoors India; (v) has revenue from any supply outdoors India; (vi) is an individual in whose case tax has been deducted u/s 194N; (vii) is an individual in whose case fee or deduction of tax has been deferred on ESOP and/or (viii) who has any introduced ahead loss or loss to be carried ahead beneath any head of revenue.
On the opposite hand, ITR-4 is relevant for an Individual or Hindu Undivided Family (HUF), who’s Resident apart from Not Ordinarily Resident or a Firm (apart from LLP) which is a Resident having Total Income as much as Rs 50 lakh and who fulfills all different eligibility situations given beneath ITR-1.
So, assessees are eligible to file ITR-1 and ITR-4 now, offered they’ve all the data essential to file their return of revenue within the absence of Form 16 / Form 16A and many others.
“Currently, utilities for only ITR 1 and ITR 4 Sugam are available for filing of income tax returns for AY 2022-23. Thus, assesses would be able to furnish ITR 1 and ITR 4 for AY 2022-23. However, it is pertinent to note that since the due date for furnishing TDS returns for FY 2021-22 (AY 2022-23) has not yet lapsed by the deductors (such as employers / other payers deducting taxes on interest / rent / commission / professional fees, contractual payments, etc), TDS credit (if any) may not be available to the taxpayer or assessee if they chose to furnish their tax returns before the deductor furnishes their TDS returns,” mentioned Dr. Surana.
Although Form 26AS, Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) can be found on the Income Tax Portal for the AY 2022-23 (FY 2021-22), they might not be absolutely populated but.
So, in case you wish to file your return of revenue (ITR-1 or ITR-4 as per your eligibility), you could be doubly positive that you’ve collected all the mandatory info that it’s essential to disclose in your ITR.
Source: www.financialexpress.com”