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 be effective from April 1, the CBDT said, adding that it was notified much earlier to enable filing of returns from the beginning of the upcoming assessment year. In a statement, the CBDT said that for the convenience of taxpayers and ease of filing, no significant changes have been made in the ITR form as compared to last year’s ITR form. Tax Act, 1961 (‘the Act’) has been enacted.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simple forms that cater to a large number of small and medium taxpayers. SAHAJ can be filed by a resident individual whose income is 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, as per the board. Sugam can be filed by individuals, Hindu Undivided Families (HUF) and firms (other than Limited Liability Partnership (LLP)) having total income up to Rs 50 lakh and income from business and profession under section 44AD, 44ADA or 44AE is calculated. CBDT said 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. ITR Form 5 can be filed.
Companies 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. Notified ITR forms will be available at the department. on the website of incometaxindia.gov.in.