Income Tax Department Notifies New ITR Filing Forms For FY23

The Income Tax Department of India has issued new ITR forms for the financial year 2022-23, which ask taxpayers for information on income from abroad retirement benefit accounts. In a recent circular, the Central Board of Direct Taxes (CBDT) announced the new ITR forms from 1 to 6.

Explaining the income tax department’s new notification; SEBI registered tax and investment expert Jitendra Solanki said, “The CBDT has kept the ITR forms unchanged and hence there is no change in ITR filing forms and rules.”

The rules will come into effect from today i.e., 1st April 2022.

Solanki explained what these ITR forms from 1 to 6 mean for the taxpayers. Here we list it out one by one:

ITR form 1: This is for salaried individuals who do not have any other sources of income, such as long-term capital gains, and have an annual income of less than 50 lakh rupees.
ITR form 2: This is for folks who are salaried and earn money from somewhere other than their own firm. In other words, taxpayers who do not have business income can file the ITR 2 form.

ITR form 3: This form is for those who have business income.

ITR form 4: This is for large business income group taxpayers who can use this form to provide a fictitious figure of their annual turnover.

ITR form 5 is for taxpayers who receive income through a partnership firm.