New Income Tax Forms: The Finance Ministry has notified new Income Tax Return (ITR) forms for assessment year 2022-23 for filing return of income for the financial year 2021-22. The Central Board of Direct Taxes (CBDT) has notified ITR-1 to ITR-5 form. Barring a few minor changes, broadly all ITR forms have been kept unchanged from last year.
Srivatsan Chari, Co-Founder – Clear
Changes in the new ITR form for AY 2022-23
All ITR The form will ask for additional information with respect to foreign retirement benefits and interest if the provident fund deposits exceed 2.5 lakh annually.
“In all ITR forms, new lines have been inserted where details are required (to which it is applicable) for income earned on foreign retirement accounts and for any such income which is claimed for tax relief under section 89A. The claim has been made,” it said. Srivatsan Chari.
Although any schedule related to disclosure of cryptocurrencies has not been included, it will probably be included in the ITR form next year, he said.
ITR-1 Form
ITR-1 FormTo be filled by persons having income up to 50 lakhs, has been kept roughly the same as last year. However, the assessee has to provide information about income from foreign superannuation funds while computing his net salary.
ITR-2 Form
ITR-2 form seeks information about interest earned on maximum contribution to Provident Fund (PF) 2.5 lakh per annum.
ITR-3 Form
ITR-3 is filed by people whose income is in the form of profit from business/profession.
ITR-4 Form
ITR-4 can be filed by individuals, HUFs and firms up to total income 50 lakhs and income from business and profession.
ITR-5 Form
ITR-5 is filed by LLP. ITR-4 can be filed by individuals, HUFs and firms up to total income 50 lakhs and income from business and profession.
ITR forms (ITR 6 and 7) for corporates and trusts will be notified later.
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