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Six income tax return forms for the assessment year 2023–24 were announced by CBDT

Published on February 15, 2023

Current context: The Central Board of Direct Taxes (CBDT) has released six income tax return (ITR) forms for the assessment year 2023-24 (Financial Year 2022-23) under the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961).

Six income tax return forms for the assessment year 2023–24 were announced by CBDT
Here is a brief explanation of each form:
  1. ITR-1 (SAHAJ) - This form is applicable for an individual having a total income of up to Rs. 50 lakhs and who receives income from salaries, one house property, other sources (such as interest), and agricultural income up to Rs. 5,000.
  2. ITR-2 - This form is filed by individuals having income from residential property.
  3. ITR-3 - This form is for individuals having income as profits from business/profession.
  4. ITR-4 (SUGAM) - This form is filed by individuals, Hindu Undivided Families (HUFs), and firms (other than Limited Liability Partnerships) being a resident with a total income of up to Rs. 50 lakhs
  5. ITR-5 - This form is filed by Limited Liability Partnerships (LLPs) and businesses.
  6. ITR-6 - This form is also for LLPs and businesses but is applicable only if the company is not claiming exemption under section 11 (income from property held for charitable or religious purposes).
  • The forms will come into effect from April 1, 2023. It's important to note that depending on the type of income source, individuals and businesses may have to file different forms to report their income to the tax authorities.
  • The due date for filing the ITR is normally July 31, with December 31 specified as the due date for the belated return. However, if filed after the due date, a late fee of Rs 5,000 under Section 234F and interest at the rate of 1% per month or part month on the unpaid tax amount under Section 234 A has to be paid.

Question:

Q.1 What are the different ITR forms that have been notified by the Central Board of Direct Taxes (CBDT) for assessment year 2023-24?
a. ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6
b. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-7
c. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7
d. ITR-1, ITR-2, ITR-4, ITR-5, ITR-6
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