Home / Money / Personal Finance /  ITR filing: Income tax department notifies new forms for FY23. Details here

Income tax return (ITR) filing: The income tax department of India has notified new ITR forms for the financial year 2022-23, which also seek details of income from overseas retirement benefit accounts from taxpayers. The Central Board of Direct Taxes (CBDT) in a recent circular has notified the new ITR forms from 1 to ITR form 6. 

Explaining the income tax department's new notification; SEBI registered tax and investment expert Jitendra Solanki said, "The CBDT has kept the ITR forms unchanged and hence there is no change in ITR filing forms and rules." The rules will come into effect from today i.e., 1st April 2022.

Solanki explained what these ITR forms from 1 to 6 mean for the taxpayers. Here we list it out one by one:

ITR form 1 or SAHAJ: This is for those earning individuals who are salaried and don't have any other income like long term capital gain, etc and their annual income is less than 50 lakh.

ITR form 2: This is for those who are salaried and have income from other source but not from business. In other words other than business income category taxpayers can file this ITR 2 form.

ITR for 3: Those who have business income would file this form.

ITR form 4: This is for big business income group taxpayers who can give a presumptive figure of their annual turnover in this form.

ITR form 5: This is for those taxpayers who earn from a partnership firm.

ITR form 6: This is for companies registered other than Section 11.

While the ITR-1 form has been kept broadly the same as last year, the new addition to the form was the inclusion of income from a retirement benefit account maintained in a foreign country for the calculation of net salary.

It also seeks details on whether or not the said retirement benefit account was maintained in a notified country under section 89A of the I-T Act. Taxpayers can also claim relief from taxation under section 89A on this income.

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