CBDT revises Income-tax Return Forms vide Income-tax (First Amendment) Rules, 2023

On 10-2-2023, the Ministry of Finance notified the Income-tax (First Amendment) Rules, 2023 to amend the Income-tax Rules, 1962 (‘IT Rules'). The provisions will come into effect on 1-4-2023.

Key Points:

The following Forms in Appendix- II for filing Income Tax Return have been revised:

1. Sahaj (ITR-1) relating to individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs.5,000.

2. ITR-2 relating to individuals and Hindu Undivided Family (‘HUFs') not having income from profits and gains of business or profession.

3. ITR-3 relating to individuals and HUFs having income from profits and gains of business or profession.

4. SUGAM (ITR-4) relating to individuals, HUFs and firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE.

5. ITR-5 relates to persons other than individual, HUF, company and person filing Form ITR-7.

6. ITR-6 relates to Companies other than companies claiming exemption under section 11.

7. ITR-V is a Verification Form, where the data of the Return of Income in Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4), ITR-5, ITR-7 filed but NOT verified electronically.

8. Indian Income Tax Return Acknowledgement where the data of the Return of Income in Form SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4), ITR-5, ITR-6, ITR-7 filed and verified.

*Kriti Kumar, Editorial Assistant has reported this brief.