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) has recently notified new ITR forms from ITR Form 1 to ITR 6 in a circular.
explaining Income tax new notification of the department; “CBDT has kept the ITR form unchanged and hence there is no change in ITR filing form and rules,” said Jitendra Solanki, SEBI registered tax and investment expert. The rules will come into effect from today i.e. 1st April 2022.
Solanki explained what these ITR forms 1 to 6 mean for taxpayers. Here we list it one by one:
ITR Form 1 or Sahaj: This is for those earning individuals who are salaried and who do not have any other income like long term capital gains etc and their annual income is less than 50 lakhs.
ITR Form 2: This is for those who are salaried and have income from other source but not from business. In other words taxpayers other than business income group can file this ITR 2 form.
ITR for 3: Those who have business income will file this form.
ITR Form 4: It is meant for large business income group taxpayers who can give approximate figure of their annual turnover in this form.
ITR Form 5: This is for those taxpayers who earn from the partnership firm.
ITR Form 6: This is for companies other than section 11 registered.
While the ITR-1 form has been largely kept the same as last year, the new addition to the form was to include income from retirement benefits account maintained in a foreign country for computing net salary.
It also seeks details as to whether the said retirement benefit account was maintained in a notified country under section 89A of the IT Act. Taxpayers can also claim relief from taxation under section 89A on this income.
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