The Central Board of Director Taxes (CBDT) has notified the Income Tax Return (ITR) form for the assessment year 2022-23. Taxpayers can now file income tax returns for the financial year 2021-22 through this form. CBDT has notified all new ITR forms, from ITR Form 1 to ITR Form 6. Almost all ITRs are the same as in the previous financial year and except for a few minor changes, no major changes have been made.
Neha Malhotra, Director, Nangia Andersen LLP said, “With timely form notifying, taxpayers will now get sufficient time to collate the required information for the financial year beginning April 1. This will also ensure that the ITR is given to the tax authorities. There will be enough time to develop the utility for the forms and there will be no disturbance due to last minute rush.” Let us know which ITR form will be applicable for which taxpayers.
ITR 1 Form or SAHAJ (SAHAJ)
ITR 1 form or Sahaj is for those salaried individuals who have income up to Rs 50 lakh in the financial year 2021-22. It should be remembered here that salary also includes pension income.
Apart from this, even if you earn income from bank deposits or interest earned on just one house property, you can still file return in Form ITR 1. Also, if your agricultural income is up to Rs 5,000, you can still use ITR 1 form to file your return.
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If your salary income is more than Rs 50 lakh, then you have to fill ITR-2 form for income tax return. Apart from this, you can also use the ITR-2 form if you are earning income from more than one house property, or have a foreign source of income or are the owner of any foreign property. If you are a director in a company or you only hold shares in unlisted companies, you should still use ITR-2 for filing returns.
This form is for those businessmen and professionals who do not get income through salary. All income people eligible for ITR-2 are also valid for this form. If you are a partner of a firm then you should use ITR-3.
ITR-4 can be used by Resident Individuals and HUF (Hindu Undivided Family) whose income in the previous financial year was derived from any profession or business and can apply for the Presumptive Income Scheme (PIS) for calculation of income tax. want to adopt.
ITR 5 Form and ITR 6 Form
Both these forms are not for individual taxpayers. ITR-5 is for partnership firms, business trusts, investment funds, etc. Whereas ITR-6 form is for companies registered under Section 11 of the Companies Act.
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