The Income Tax Department has notified the Income Tax Return (ITR) filing form for assessment year 2023-24 (FY 2022-23) for individuals and businesses.
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The Income Tax Department has notified the Income Tax Return (ITR) filing form for assessment year 2023-24 (FY 2022-23) for individuals and businesses. Through a notification issued on February 10, the Central Board of Direct Taxes or CBDT has notified ITR Forms 1-6, ITR-V and ITR Acknowledgment Forms.
According to the report of news agency PTI, AMRG & Associates Senior Partner Rajat Mohan said that the CBDT has issued the income tax return form for the assessment year 2023-24. He said that these forms have been issued early, which will help taxpayers to prepare their income returns for this year at the earliest. Last year, such form was notified in the first week of April.
Mohan said that timely notification of the ITR form will give enough time to all the stakeholders. These include e-filing portals, third party software companies, taxpayers and tax professionals. He said that this year, software vendors can use excel utility and third party software to file ITR in a better way.
ITR form details
ITR-1 form is for those whose annual income is less than Rs 50 lakh. This income can be from salary or pension. Earning can be from other sources. Or there can be income from a house property. Here other sources means the income earned in lottery or horse race.
At the same time, the ITR-4 form is also called easy. This is for Individuals and HUFs, people running Partnership Firms (not LLPs) also fill it. If there is income under section 44AD and 44AE of income tax, then this form has to be filled. You can fill ITR 4 form if you earn more than Rs 50 lakh from salary or pension.
At the same time, let us tell you that after filing ITR, the person paying tax can check his ITR status by visiting the official website of the Income Tax Department. He can see whether his application has been approved or is still in process.
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