CBDT notifies ITR forms for FY24 w.e.f. Apr 1

ENA Sectors 2023-02-15 16:11:16 New Delhi, Feb 15 (KNN) The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2023-24 vide Notifications No. 04 & 05 of 2023 dated February 2, 2023 and February 14, 2023. These ITR forms will come into force from April 1, 2023 and have been notified well in advance in order to enable filing of returns from the beginning of the ensuing Assessment Year. <a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a> No significant changes have been made to the ITR Forms in comparison to last years ITR Forms in order to facilitate the taxpayers and to improve ease of filing. 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 upto Rs 50 lakh and who receives income from salary, one house property, other sources (interest etc.) and agricultural income upto 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 upto 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. The notified ITR Forms will be available on the Departments website at <a href="https://www.incometaxindia.gov.in">www.incometaxindia.gov.in</a>. (KNN Bureau) 32322 https://knnindia.co.in/news/newsdetails/sectors/cbdt-notifies-itr-forms-for-fy24-wef-apr-1 2023-02-15 16:11:16 knnindia.co.in CBDT notifies ITR forms for FY24 w.e.f. Apr 1