CBDT notifies changes in Income Tax Return (ITR) Forms [Read Notification]

The Central Board of Direct Taxes(CBDT) has notified changes in Income Tax Return Forms (ITR Forms) via issuing Notification.

Few days back, via press release CBDT notifies Income Tax Return Forms for Assessment Year 2023-24 in advance. These ITR forms will come into effect from 1st April, 2023 and have been notified well in advance in order to enable filing of returns from the beginning of the ensuing Assessment Year.

Earlier, In order to facilitate the taxpayers and to improve ease of filing, no significant changes have been made to the ITR Forms in comparison to last year’s ITR Forms. Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 (the ‘Act’) have been made.

Now, CBDT released Corrigendum Notification in order to notifies changes in Income Tax Return Forms.

The Notification Stated, “In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (ii), vide number G.S.R. 91(E), dated the 10th February, 2023:––

(i) at page number 224, in Part C, in column 10, in row 2, the words “Any other deduction as per the e-filing utility” shall be inserted;

(ii) at page 230, for the table under item (a) under row 6, the following table shall be substituted, namely:––

(iii) at page 231, in the row after item (b) under row 6, for the figures “aXi + b”, the figures “aXi + aXii + b” shall be substituted;

(iv) at page number 233,––

(a) for the table under item (b) under row 10, the following table shall be substituted, namely:––

(b) in the row after item (b) under row 10, for the figures “aXii + b”, the figures “aXii + aXiii + b” shall be substituted;

(v) at page number 243, in schedule VI-A, for the rows (u) and (v), the following shall be substituted, namely:––

To read more refer to the notification given below.

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler Forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having income upto Rs. 50 lakh and who receives income from salary, one house property, other sources (interest etc.) and agricultural income upto Rs. 5 thousand. Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs)) being a resident having total income upto Rs. 50 lakh and income from business and profession computed under sections 44AD, 44ADA or 44AE.

Individuals and HUFs not having income from business or profession (and not eligible for filing Sahaj) can file ITR Form 2 while those having income from business or profession can file ITR Form 3. Persons other than individuals, HUFs and companies i.e. partnership firms, LLPs etc. can file ITR Form 5. Companies other than companies claiming exemption under section 11 can file ITR Form 6. Trusts, political parties, charitable institutions, etc. claiming exempt income under the Act can file ITR Form 7.

For Official Notification Download PDF Given Below: