New ITR Forms for Assessment Year 2023-24: The Income Tax Department has notified the Income Tax Return (ITR) filing form for individuals and businesses for the assessment year 2023-24 (FY 2022-23). Has gone.
Through a notification dated February 10, the Central Board of Direct Taxes (CBDT) has also notified ITR Forms 1-6, ITR-V (Verification Form) and Acknowledgment Form. Significantly, like the last financial year, this time also no significant changes have been made in the form. Therefore, this time also the last date for filing income tax return will be 31st July.
CBDT has already notified income tax return form
The CBDT has notified income tax return forms for assessment year 2023-24 (for income earned in 2022-23) much in advance, news agency PTI quoted Rajat Mohan, senior partner, AMRG & Associates, as saying. , which will help taxpayers to prepare their income returns at the beginning of this year. Last year such forms were notified in the first week of April.
What is the opinion of the knowledgeable?
Rajat Mohan further says that by notifying ITR forms ahead of time, e-filing portals, third party software companies, taxpayers etc. will get more time to file returns. This year, software vendors can utilize this additional time for early implementation of Excel utility and third party software for ITR filing.
What is ITR-1, ITR-2 and ITR-4?
ITR-1 50 is filed by those who receive income from salary, one house property and other sources like interest etc. with income up to Rs. ITR-4 is filed by individuals, Hindu Undivided Families (HUFs) and individuals or firms with a total income of up to Rs 50 lakh. Whereas, ITR-2 is filed by those people whose income comes from residential property.
