CBDT Notifies Income Tax Return Forms For 2023-24! Know The Date!

In a move to facilitate taxpayers, the Central Board of Direct Taxes (CBDT) has notified the Income tax Return Forms (ITR Forms) for Assessment Year 2023-24. 

The forms have been notified well in advance via Notifications No. 04 & 05 of 2023, dated 10.02.2023 and 14.02.2023, and will come into effect from 1st April, 2023.

To make the process easier for taxpayers and improve ease of filing, no significant changes have been made to the ITR Forms, except the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 (the ‘Act’).

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 up to Rs. 50 lakh and receiving income from salary, one house property, other sources (interest, etc.), and agricultural income up to Rs. 5 thousand. 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, such as 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.

In order to further streamline the ITR filing process, not only have all the ITR forms been notified well in time this year, but no changes have been made in the manner of filing of ITR Forms as compared to last year. The notified ITR Forms will be available on the Department’s website at www.incometaxindia.gov.in.

This move by the CBDT is expected to benefit taxpayers by providing them with more time to prepare their documents and file their returns without the burden of making significant changes to their filing processes. This move is in line with the government's efforts to make the tax system simpler and more transparent, ensuring compliance, and contributing to the growth of the economy.