CBDT notifies ITR forms for assessment year 2023-24

New Delhi, Feb 15 The Central Board of Direct Taxes (CBDT) has notified income-tax return forms (ITR forms) for the assessment year 2023-24, which will come into effect from April 1, 2023.

The department said in a statement that the new forms have been notified well in advance in order to enable filing of returns from the beginning of the ensuing assessment year.

In order to improve ease of filing, no significant changes have been made in the ITR forms, as was the case in last year's ITR forms.

Only bare minimum changes necessitated due to amendments in the Income Tax Act, 1961 have been made, official sources said.

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 of up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest, etc.) and agricultural income of up to Rs 5,000.

Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs)) being a resident having total income up to Rs 50 lakh and income from business and profession computed under sections 44AD, 44ADA or 44AE.

Individuals and HUFs not having income from business or profession (and not eligible for filing Sahaj) can file ITR Form 2 while those having income from business or profession can file ITR Form 3.

Persons other than individuals, HUFs and companies, i.e., partnership firms, LLPs, etc. can file ITR Form 5.

Companies other than 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.