Early Release Of ITR Forms To Permit Filing Of Returns Beginning April 1: CBDT

The Central Board for Direct Taxes (CBDT) had notified the Income Tax department on Wednesday said the ITR forms for 2022-23 will come into effect from April 1 and have been informed in a timely manner to allow the filing of returns beginning with the next Assessment Year.

To facilitate taxpayers and to improve the ease of filing, only bare minimum changes necessitated due to amendments in the Income-Tax Act, 1961, have been made, no significant changes have been made to the ITR forms in comparison to the last year’s ITR Forms, it added. ITR forms for a specific financial year are typically announced by the end of March or the beginning of April.

The Central Board of Direct Taxes (CBDT) announced income tax return forms 1-6 for individuals, professionals, and businesses on February 10. Additionally, on February 14th, ITR-7 forms for charitable trusts, educational organisations, scientific research institutions, and political parties became accessible.

In order to streamline the ITR filing process, not only have all the ITR forms been notified well in time this year, no changes have been made in the manner of filing of ITR forms as compared to last year, stated CBDT.

ITR Forms divided into categories:

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are the simplest forms that cater to small and medium scale taxpayers. A resident person who earns up to Rs 50 lakh from a wage, one piece of real estate, other sources (interest), and up to Rs 5,000 from agriculture may submit Sahaj.  

While Sugam may be submitted by any resident with a total annual income of up to Rs. 50 lakh, including income from a company or profession, as well as by individuals, Hindu Undivided Families (HUFs), and firms (other than Limited Liability Partnerships (LLPs)).

ITR-2 is the form to use for individuals and HUFs without business or professional income (who are therefore unable to submit Sahaj), while ITR-3 is the form to use if you do have such income.

Persons other than individual, HUF’s and companies, i.e. partnership firms, LLPs can file ITR-5.

Trusts, Political companies, charitable institutions, exempt income under the Act can file in ITR-7.

The notified ITR forms can be downloaded from the government department’s website www.incometaxindia.gov.in

Penalty on late filing of Income Tax Return

With effect from 1 April, 2018, the rules for the ITR has been changed.  As per this law, Individuals will have to pay late fee after last date to file income tax return

• Rs 5000 if tax is filed after due date of 31 August but on before 31 December of that assessment year
• Rs 10,000 if tax is filed after 31 December but on or before 31 March of the relevant assessment year
• Rs 1000 if total income does not exceed Rs 5,00,000

Points to be considered while filing of Income Tax Return

• Use Correct ITR form
• Consequences of not filing the Income Tax Return
• Penalty for not filing the ITR on time
• Proper disclosure of Interest Income
• When filing of ITR is not required?
• Full salary details in ITR
• Salary income in ITR to match Form 16 and 26 AS
• Change of Employer during the year
• Ensure correct TAN in ITR
• Which Address to fill n ITR
• Full payment of tax before filing
• What to do if your ITR is rejected?
• Loosing Benefits if ITR not filed
• Reversal of deduction under section 80 C
• Declare Exempt income

Keep these key points in mind while filing the Income Tax Return.