CBDT notifies Income Tax Return Forms for AY 2023-24
CBDT has issued two notifications for notifying the formats of Income Tax Return and Acknowledgment for the Assessment Year 2023-24 (Financial Year 2022-23)
| Income Tax Return | Notification |
| ITR-7 For persons including companies required to furnish return under sections 139(4A) or139(4B) or 139(4C) or 139(4D) only | Notification No. 05/2023 |
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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. Not for an individual who is either Director in a company or has invested in unlisted equity shares or in cases where TDS has been deducted u/s 194N or if income-tax is deferred on ESOP ITR-2 For Individuals and HUFs not having income from profits and gains of business or profession ITR-3 – For individuals and HUFs having income from profits and gains of business or profession ITR-4 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. Not for an individual who is either Director in a company or has invested in unlisted equity shares or if income-tax is deferred on ESOP or has agricultural income more than Rs. 5000. 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 ITR-V and Indian Income Tax Return Acknowledgement |
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- Validity of demand u/s 156 for default u/s 115-O, if assessment order u/s 143(3) has Nil demand
- Issue already examined and adjudicated by CIT(Appeals), can’t be reopened on same set of facts
- TDS can’t be denied for non deposit of tax deducted by the deductor – High Court
- Cash withdrawal from bank can’t be taxed u/s 69C as unexplained expenditure – ITAT
- A bland statement of ‘fraud or concealment of facts” in GST Notice u/s 74 not sufficient – SC
