ITR Forms: ITR form released for the financial year 2023-24, know the benefits or the rules as before

The Finance Ministry has released the ITR Form for the year 2023-24. In the notification issued on February 10, the Central Board of Direct Taxes (CBDT) has retained Forms 1 to 6. Explain that income tax return forms have been notified for the assessment year 2023-24.

In addition to these forms, ITR-V (Verification Form) and ITR Acknowledgment Form have been notified in advance.

What is an income tax return?

An income Tax Return (ITR) is a form that is used to give information about income and tax. Usually, it is released at the beginning of the financial year, but this year it has been brought ahead of time. Let us see whether any changes have been made in these forms or if they have been kept as before.

ITR Forms: ITR form released for the financial year 2023-24, know the benefits or the rules as before
ITR Forms: ITR form released for the financial year 2023-24, know the benefits or the rules as before

Update in ITR-I

Under ITR-I, the ITR-1 form has to be filed if the income is up to Rs 50 lakh and income from other sources including salary, one house property, and interest. Now the CBDT has simplified it for individuals with an annual taxable income of less than Rs 2.5 lakh under section 139(1). Now such people are not required to notify their ITR forms. This will also be applicable for FDs above Rs 1 crore.

Convenience in search and seizure cases

As per the new norms, individuals who have been subjected to search and seizure operations by the Income Tax authorities can now file a revised return under section 153C on their undisclosed assets in ITR-1. This return will be based on self-assessment.

ITR Forms: ITR form released for the financial year 2023-24, know the benefits or the rules as before
ITR Forms: ITR form released for the financial year 2023-24, know the benefits or the rules as before

ITR-4 simplified

ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs), and firms having total income up to Rs 50 lakh and income from business and profession. It has been kept as simple as ever.

No changes in ITR 3, 5 and 6

ITR-3 is filed by professionals, while ITR-5 and ITR-6 are filed by LLPs and businesses. With the help of these ITR forms notified ahead of time, all stakeholders including e-filing portals, third-party software companies, taxpayers, and tax professionals will get enough time. This extra time can be used by software vendors to quickly start Excel.

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