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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- Penalty for late supply of goods allowable deduction u/s 37 being not a crime or prohibited activity
- Interest received from Cooperative banks allowable deduction u/s 80P to a Cooperative Society
- SC to decide distinction in employees & employer contribution to PF, ESI for allowability u/s 43B
- No liability to collect TCS u/s 206C (1C) from person involved in illegal mining – SC
- Receipts mentioning that it was towards corpus, donation assumed to be for corpus of trust
