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INCOME TAX RETURN FORMS FOR FY 2022-23 ( AY 2023-24 )
Do you know ? There are 12 Tax rebates you can claim while submitting IT Returns , when when you have not even made any fresh investments .
DO YOU KNOW ? : Senior citizens can claim Tax Rebate under section 80D even without having paid health insurance premium .
For details of such rebates , CLICK HERE
You may also go through our article :
INCOME TAX REBATES THAT DON’T NEED FRESH INVESTMENTS
DO YOU KNOW ? : Senior citizens can claim Tax Rebate under section 80D even without having paid health insurance premium .
For details of such rebates , CLICK HERE
You may also go through our article :
INCOME TAX REBATES THAT DON’T NEED FRESH INVESTMENTS
Income tax Return Filing
IT RETURN FORMS FOR FY 2022-23 ( AY 2023-24) NOTIFIED
Dated 14.02.2023 : Income Tax Return forms for FY 2022-23 ( AY 2023-24 ) , ITR-1 , ITR2 , ITR3 , ITR4 ,ITR5 & ITR6 are since notified by the income tax Department .
Click on the Form number below to download the relevant form for you
ITR 1- SAHAJ :For 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 thousand
ITR2 :For Individuals and HUFs not having income from profits and gains of business or profession
ITR3 : For individuals and HUFs having income from profits and gains of business or profession
ITR4- SUGAM :For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE
ITR 5 : For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR 6 : For Companies other than companies claiming exemption under section 11
Form No.:ITR-V : Where the data of the Return of Income in Form ITR-1 (SAHAJ), ITR-2, ITR-3, ITR-4(SUGAM), ITR-5, ITR-7 filed but NOT verified electronically
Form No Acknowledgement : Where the data of the Return of Income in Form ITR-1 (SAHAJ), ITR-2, ITR-3, ITR4(SUGAM), ITR-5, ITR-6, ITR-7 filed and verified
There are no major changes in the forms compared to the earlier year FY 2021-22 ( AY 2022-23 ) . A schedule with respect to transactions in virtual currencies has been added in ITR2 .
Further Form ITR7 has also been notified . ITR 7 is for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) onl
Dated 14.02.2023 : Income Tax Return forms for FY 2022-23 ( AY 2023-24 ) , ITR-1 , ITR2 , ITR3 , ITR4 ,ITR5 & ITR6 are since notified by the income tax Department .
Click on the Form number below to download the relevant form for you
ITR 1- SAHAJ :For 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 thousand
ITR2 :For Individuals and HUFs not having income from profits and gains of business or profession
ITR3 : For individuals and HUFs having income from profits and gains of business or profession
ITR4- SUGAM :For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE
ITR 5 : For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR 6 : For Companies other than companies claiming exemption under section 11
Form No.:ITR-V : Where the data of the Return of Income in Form ITR-1 (SAHAJ), ITR-2, ITR-3, ITR-4(SUGAM), ITR-5, ITR-7 filed but NOT verified electronically
Form No Acknowledgement : Where the data of the Return of Income in Form ITR-1 (SAHAJ), ITR-2, ITR-3, ITR4(SUGAM), ITR-5, ITR-6, ITR-7 filed and verified
There are no major changes in the forms compared to the earlier year FY 2021-22 ( AY 2022-23 ) . A schedule with respect to transactions in virtual currencies has been added in ITR2 .
Further Form ITR7 has also been notified . ITR 7 is for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) onl
Common Income tax Form Proposed
COMMON IT RETURN FORMS FOR FY 2022-23 ( AY 2023-24 ) PROPOSED
Dated 02.11.2022 : Presently, taxpayers are required to furnish their Income-tax returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is applicable or not. This increases the time taken to file the ITRs and in turn may create avoidable difficulties for taxpayers.
ITR-1 , ITR2 , ITR3 , ITR4 ,ITR5 , ITR6 & ITR7 were to be filled according to the eligibility criterion . Now Income tax department has proposed to introduce a common ITR by merging all the existing returns of income except ITR-7. However, the current ITR-1 and ITR-4 will continue. This will give an option to such taxpayers to file the return either in the existing form (ITR-1 or ITR-4) or the proposed common ITR, at their convenience. All other forms ITR2 , ITR3 , ITR5 & ITR 6 are proposed to be discontinued for the Financial year 2022-23 onward .
Dated 02.11.2022 : Presently, taxpayers are required to furnish their Income-tax returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is applicable or not. This increases the time taken to file the ITRs and in turn may create avoidable difficulties for taxpayers.
ITR-1 , ITR2 , ITR3 , ITR4 ,ITR5 , ITR6 & ITR7 were to be filled according to the eligibility criterion . Now Income tax department has proposed to introduce a common ITR by merging all the existing returns of income except ITR-7. However, the current ITR-1 and ITR-4 will continue. This will give an option to such taxpayers to file the return either in the existing form (ITR-1 or ITR-4) or the proposed common ITR, at their convenience. All other forms ITR2 , ITR3 , ITR5 & ITR 6 are proposed to be discontinued for the Financial year 2022-23 onward .
Features of Common ITR
The scheme of the proposed common ITR is as follows:
(a) Basic information (comprising parts A to E), Schedule for computation of total income (Schedule TI), Schedule for computation of tax (schedule TTI), Details of bank accounts, and a schedule for the tax payments (schedule TXP) is applicable for all the taxpayers.
(b) The ITR is customized for the taxpayers with applicable schedules based on certain questions answered by the taxpayers (wizard questions).
(c) The questions have been designed in such a manner and order that if the answer to any question is ‘no’, the other questions linked to this question will not be shown to him.
(d) Instructions have been added to assist the filing of the return containing the directions regarding the applicable schedules.
(e) The proposed ITR has been designed in such a manner that each row contains one distinct value only. This will simplify the return filing process.
(f) The utility for the ITR will be rolled out in such a manner that only applicable fields of the schedule will be visible and wherever necessary, the set of fields will appear more than once. For example, in the case of more than one house property, the schedule HP will be repeated for each property. Similarly, where the taxpayer has capital gains from the sale of shares taxable under section 112A only, applicable fields of schedule CG, relating to 112A, shall be visible to him.
(a) Basic information (comprising parts A to E), Schedule for computation of total income (Schedule TI), Schedule for computation of tax (schedule TTI), Details of bank accounts, and a schedule for the tax payments (schedule TXP) is applicable for all the taxpayers.
(b) The ITR is customized for the taxpayers with applicable schedules based on certain questions answered by the taxpayers (wizard questions).
(c) The questions have been designed in such a manner and order that if the answer to any question is ‘no’, the other questions linked to this question will not be shown to him.
(d) Instructions have been added to assist the filing of the return containing the directions regarding the applicable schedules.
(e) The proposed ITR has been designed in such a manner that each row contains one distinct value only. This will simplify the return filing process.
(f) The utility for the ITR will be rolled out in such a manner that only applicable fields of the schedule will be visible and wherever necessary, the set of fields will appear more than once. For example, in the case of more than one house property, the schedule HP will be repeated for each property. Similarly, where the taxpayer has capital gains from the sale of shares taxable under section 112A only, applicable fields of schedule CG, relating to 112A, shall be visible to him.
SUGGESTION INVITED ON THE PROPOSED COMMON ITR :
Income Tax Department has requested for the suggestions on the proposed common form and one can send the suggestions on the draft ITR electronically to the email address [email protected] with a copy to [email protected] by 15th December 2022.
The common ITR Form will be notified, after taking into account the inputs received from stakeholders and the online utility will be released by the Income-tax Department. In such a utility, a customized ITR containing only the applicable questions and schedules will be available to the taxpayer.
To go through the proposed Common IT Form , CLICK HERE
Income Tax Department has requested for the suggestions on the proposed common form and one can send the suggestions on the draft ITR electronically to the email address [email protected] with a copy to [email protected] by 15th December 2022.
The common ITR Form will be notified, after taking into account the inputs received from stakeholders and the online utility will be released by the Income-tax Department. In such a utility, a customized ITR containing only the applicable questions and schedules will be available to the taxpayer.
To go through the proposed Common IT Form , CLICK HERE
WHO HAS TO FILE IT RETURNS ?
Every individual or Hindu Undivided Family ( HUF ) is obliged to submit Income Tax returns if they meet following criterion .
1. Income exceeding Rs 2,50,000 in case of individuals below 60 years
2. Income exceeding Rs 3,00,000 in case of individuals above 60 years and below 80 years
3. Income exceeding Rs 5,00,000 in case of individuals above 80 years
Note : Income means total income in the financial year 2021-22 before allowing deductions under chapter VI -A of Income tax act .
Further you have to submit your IT Return if you have
1. expended more than Rs. 2 lakh on foreign travel or
2. paid more than Rs. 1 lakh on electricity consumption in a year
3. deposited more than Rs. 1 crore in a current account in a year,
even if your income is less than the threshold limit .
Note : 1. If TDS / TCS has been collected from your account , you have to file your IT Returns to claim refund , even when you are not taxable for the year . If TDS or TCS collected is more than Rs 25,000 ( Rs 50,000 for the senior citizens ) , submission of IT Returns is mandatory .
2. If your income exceeds basic exemption limit , you have to submit your IT Returns even though you are not liable for any income tax . For example your income is below Rs 5.00 lakhs and you are not liable to pay tax on the basis of section 87A
3. You have filed your audit report , but not filed your IT Returns . You have to complete the process by filing the returns .
4. If you hold any asset outside India or beneficiary of any asset outside India or a signing authority for an account outside India , you have to submit IT Returns if you are a resident Indian .
1. Income exceeding Rs 2,50,000 in case of individuals below 60 years
2. Income exceeding Rs 3,00,000 in case of individuals above 60 years and below 80 years
3. Income exceeding Rs 5,00,000 in case of individuals above 80 years
Note : Income means total income in the financial year 2021-22 before allowing deductions under chapter VI -A of Income tax act .
Further you have to submit your IT Return if you have
1. expended more than Rs. 2 lakh on foreign travel or
2. paid more than Rs. 1 lakh on electricity consumption in a year
3. deposited more than Rs. 1 crore in a current account in a year,
even if your income is less than the threshold limit .
Note : 1. If TDS / TCS has been collected from your account , you have to file your IT Returns to claim refund , even when you are not taxable for the year . If TDS or TCS collected is more than Rs 25,000 ( Rs 50,000 for the senior citizens ) , submission of IT Returns is mandatory .
2. If your income exceeds basic exemption limit , you have to submit your IT Returns even though you are not liable for any income tax . For example your income is below Rs 5.00 lakhs and you are not liable to pay tax on the basis of section 87A
3. You have filed your audit report , but not filed your IT Returns . You have to complete the process by filing the returns .
4. If you hold any asset outside India or beneficiary of any asset outside India or a signing authority for an account outside India , you have to submit IT Returns if you are a resident Indian .
TAX PLANNING FOR FY 2022-23 ( AY 2023-24 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
DOCUMENTS REQUIRED TO FILE ITR FORMS FOR SALARIED PERSONS / PENSIONERS
NECESSARY DOCUMENTS TO BE OBTAINED BEFORE FILING IT RETURNS
a. You require following documents before starting to fill up IT Returns or to verify pre-filled IT Returns . As some time is required to collect from the relevant issuers , you may contact them at the earliest if you have not obtained so far . If you don't have AADHAR , APPLY NOW AND OBTAIN ENROLLMENT ID OF AADHAR APPLICATION
1. Your AADHAR NUMBER / CARD
2.Salary certificate / Form 16 issued by employer in the new format ,
3.Interest certificates issued by your banks for the deposits / education loans and housing loans etc
4. Life Insurance premium certificates , health Insurance premium paid certificates ,
5. Bank account statements for housing loans and savings bank accounts etc
6. TDS Certificates from employers / Deposit holders
7. Form 26 AS / New Annual Information Statement ( AIS ) which show the tax amount already credited to your account and details of your income reported so far .
8. Capital gain certificates / statements from your stock brokers
9. Copy of last year return submitted .
10. Your bank name , account number and IFSC code of the bank branch .
11. Total dividend received by you , quarter wise. Your bank account statement or your stock broker will fetch you the information .
12 . Any other relevant documents if you have any other income
b. Link your Aadhar number to income tax e-filing website
C. Verify Taxes paid already in Form 26AS / AIS and confirm that all tax deducted for you by your employer / bank as given in Form 16 or Salary receipt is credited to your account with income tax department . You can view 26 AS ( Tax Credit ) in the income tax department's website by logging in .
d. Tax returns are made simple now . You may prepare and submit on line itself on the income tax e-filing website You may yourself file on line or use or utilize the service of Tax Return Preparers ( TRPS ) authorized by Income Tax Department ., if you are not confident of using the on -line services . Otherwise you may use your chartered accounts for the job .
You should keep following details handy for yourself / your employer and your tenant
Your Details
1. Aadhar Number
2. Mobile Number
3. E-mail address
4. Residential Address
5. Passport Number ( If you have passport )
Other Details :
A. Have you deposited more than Rs 1.00 crore in bank accounts ?
B. Have you incurred more than Rs 2.00 lakhs for Foreign Travel ?
C. Have you spent more than Rs 1.00 lakh on electricity consumption
(All the limits of outgo for the entire year ) For persons with salary income :
6. Details of your Employer
a. TAN Number of the Employer
b. Name of the Employer
c. Nature of Employer
d. Address of the Employer
7. Details of all bank accounts held any time during the year
a. IFSC Code of the bank
b.Name of the bank
c. Account number
7. If you have let out a property
a. Address of the property
b Details of the tenant
1. Name of the Tenant
2. Tenant's Aadhaar Number
3. Tenant's PAN Number
The benefits of filing tax returns early is
1. You will have sufficient time to collect relevant documents , prepare , cross check and then submit . You can reduce errors .
2. As the income tax servers would be relatively free , last minute slowdown of computers due to heavy rush for submissions .
3. Processing of your returns by IT department would be faster and you will get refunds faster .
4. You will be avoiding penalties , interest etc levied on belated submission .
So take steps now to have advantages of filing IT Returns early
a. You require following documents before starting to fill up IT Returns or to verify pre-filled IT Returns . As some time is required to collect from the relevant issuers , you may contact them at the earliest if you have not obtained so far . If you don't have AADHAR , APPLY NOW AND OBTAIN ENROLLMENT ID OF AADHAR APPLICATION
1. Your AADHAR NUMBER / CARD
2.Salary certificate / Form 16 issued by employer in the new format ,
3.Interest certificates issued by your banks for the deposits / education loans and housing loans etc
4. Life Insurance premium certificates , health Insurance premium paid certificates ,
5. Bank account statements for housing loans and savings bank accounts etc
6. TDS Certificates from employers / Deposit holders
7. Form 26 AS / New Annual Information Statement ( AIS ) which show the tax amount already credited to your account and details of your income reported so far .
8. Capital gain certificates / statements from your stock brokers
9. Copy of last year return submitted .
10. Your bank name , account number and IFSC code of the bank branch .
11. Total dividend received by you , quarter wise. Your bank account statement or your stock broker will fetch you the information .
12 . Any other relevant documents if you have any other income
b. Link your Aadhar number to income tax e-filing website
C. Verify Taxes paid already in Form 26AS / AIS and confirm that all tax deducted for you by your employer / bank as given in Form 16 or Salary receipt is credited to your account with income tax department . You can view 26 AS ( Tax Credit ) in the income tax department's website by logging in .
d. Tax returns are made simple now . You may prepare and submit on line itself on the income tax e-filing website You may yourself file on line or use or utilize the service of Tax Return Preparers ( TRPS ) authorized by Income Tax Department ., if you are not confident of using the on -line services . Otherwise you may use your chartered accounts for the job .
You should keep following details handy for yourself / your employer and your tenant
Your Details
1. Aadhar Number
2. Mobile Number
3. E-mail address
4. Residential Address
5. Passport Number ( If you have passport )
Other Details :
A. Have you deposited more than Rs 1.00 crore in bank accounts ?
B. Have you incurred more than Rs 2.00 lakhs for Foreign Travel ?
C. Have you spent more than Rs 1.00 lakh on electricity consumption
(All the limits of outgo for the entire year ) For persons with salary income :
6. Details of your Employer
a. TAN Number of the Employer
b. Name of the Employer
c. Nature of Employer
d. Address of the Employer
7. Details of all bank accounts held any time during the year
a. IFSC Code of the bank
b.Name of the bank
c. Account number
7. If you have let out a property
a. Address of the property
b Details of the tenant
1. Name of the Tenant
2. Tenant's Aadhaar Number
3. Tenant's PAN Number
The benefits of filing tax returns early is
1. You will have sufficient time to collect relevant documents , prepare , cross check and then submit . You can reduce errors .
2. As the income tax servers would be relatively free , last minute slowdown of computers due to heavy rush for submissions .
3. Processing of your returns by IT department would be faster and you will get refunds faster .
4. You will be avoiding penalties , interest etc levied on belated submission .
So take steps now to have advantages of filing IT Returns early
MATCHING OF FORM 26AS / NEW AIS WITH YOUR IT RETURNS
It is important to match the information in Form 26AS / New AIS with the information you provide in the Income tax returns as any mismatch may attract lengthy / unwanted correspondence with the income Tax department later . Now Income Tax department will assist you with pre-filled forms for FY 2021-22 in their new e-filing portal . This will be backed with the information they receive which will also reflect in Form 26as . Hence it becomes easier for you to match the information in your IT returns with that of Form 26as .
To know how to download Form 26AS in the new website , CLICK HERE
It is important to match the information in Form 26AS / New AIS with the information you provide in the Income tax returns as any mismatch may attract lengthy / unwanted correspondence with the income Tax department later . Now Income Tax department will assist you with pre-filled forms for FY 2021-22 in their new e-filing portal . This will be backed with the information they receive which will also reflect in Form 26as . Hence it becomes easier for you to match the information in your IT returns with that of Form 26as .
To know how to download Form 26AS in the new website , CLICK HERE
SELECT BETWEEN OLD TAX REGIME AND NEW
While filing IT Returns , there is a question : Are you opting for new tax regime u/s 115BAC ? Yes No
Before filling just check which is beneficial for you old tax regime with rebates or new simplified system with lower tax rates and without any rebates . Before answering , check which is beneficial for you by going to our webpage and finding the answer yourself
Before filling just check which is beneficial for you old tax regime with rebates or new simplified system with lower tax rates and without any rebates . Before answering , check which is beneficial for you by going to our webpage and finding the answer yourself
HOW TO E-PAY INCOME TAX ?
Procedure for e-payment of Income Tax : Go to our webpage : " PAY TAX ON-LINE "
Procedure for e-payment of Income Tax : Go to our webpage : " PAY TAX ON-LINE "
INCOME TAX DEPARTMENT WARNS SALARIED PERSONS AGAINST WRONG DECLARATIONS WHILE FILING OF IT RETURNS :
As per amended section 270A of Income Tax act , mis-reporting of income may be fined 50 % of tax payable and it can go up to 200% if it is judged as concealment of income .
For 270A section of IT Act , CLICK HERE and fill 270A in section column
As per amended section 270A of Income Tax act , mis-reporting of income may be fined 50 % of tax payable and it can go up to 200% if it is judged as concealment of income .
For 270A section of IT Act , CLICK HERE and fill 270A in section column
FOR READING ARTICLE TAX ON RETIREMENT BENEFITS , CLICK HERE
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE
FINANCIAL PLANNING FOR YOUNG , CLICK HERE HOW TO LINK AADHAR WITH PAN ? CLICK HERE
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE
FINANCIAL PLANNING FOR YOUNG , CLICK HERE HOW TO LINK AADHAR WITH PAN ? CLICK HERE
E-VERIFICATION OF RETURNS FILED THROUGH E -FILING
Submission of IT Return is not complete without verifying the same . For various ways of verification , CLICK HERE
FOR READING ARTICLE TAX ON RETIREMENT BENEFITS , CLICK HERE
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE
FINANCIAL PLANNING FOR YOUNG, CLICK HERE
We value your opinions , comments and suggestions. We shall be happy to your feedback on the contents of the Article . For Feedback form , CLICK HERE
THIS ARTICLE CARRIES INFORMATION ON VARIOUS TAX PROVISIONS WHICH ARE GENERALLY USEFUL .YET IT DOES NOT CARRY ALL THE PROVISIONS AND HENCE YOU ARE ADVISED TO GO THROUGH INCOME TAX DEPARTMENT WEBSITES FOR AUTHENTIC COMPLETE INFORMATION . ESPECIALLY THOSE WHO HAVE GOT MULTIPLE STREAMS OF INCOME OR COMPLEX INVESTMENTS MAY CONSULT A QUALIFIED TAX CONSULTANT / CHARTERED ACCOUNTANT FOR ANY CLARIFICATION. READERS ARE ALSO WELCOME TO SEND FEEDBACK . YOU CAN DOWNLOAD THE FORM HERE . WE ARE OPEN FOR CORRECTION IF NEEDED
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