ITR Forms

The Income Tax department on Wednesday said the ITR forms for 2022-23 will come into effect from April 1 and have been notified well in advance to enable the filing of returns from the beginning of the ensuing Assessment Year. To facilitate taxpayers and to improve the ease of filing, no significant changes have been made to the ITR forms in comparison to the last year's ITR Forms. Only bare minimum changes necessitated due to amendments in the Income-Tax Act, 1961, have been made, it added. The Central Board of Direct Taxes (CBDT) on February 10 notified income tax return forms 1-6 for individuals, professionals and businesses for income earned in 2022-23. Also, ITR-7 form for charitable trusts, scientific research institute, political parties and universities was notified on February 14. "These ITR forms will come into effect from April 1, 2023, and have been notified well in advance in order to enable filing of returns from the beginning of the ensuing Assessment Year," the Centr

Separate schedule for virtual digital assets requires details like date of acquisition, date of transfer head

The Income-Tax Department has notified forms for filing I-T returns by individuals as well as businesses for 2022-23 fiscal year. The Central Board of Direct Taxes (CBDT), through a notification dated February 10, has notified ITR forms 1-6, ITR-V (verification form) and ITR acknowledgement form. AMRG & Associates Senior Partner Rajat Mohan said CBDT has notified the income tax return forms for Assessment Year 2023-24 (for income earned in 2022-23) quite early, which would help taxpayers prepare their income returns early this year. Last year, such forms were notified in the first week of April. "Early notification of ITR forms would give ample time to all the stakeholders, including the e-filing portal, third-party software companies, taxpayers, and tax professionals. This year, software vendors can use this extra time for an early implementation of excel utility and third-party software for filing ITRs," Mohan added. ITR-1 and ITR-4 are simpler forms that cater to a large number

Any refund you are eligible for won't be processed unless you correct the mistakes in your return

Its success, however, will hinge on the quality of online utilities launched along with it

Respond on time, with expert help if required, to prevent further punitive measures

ITR is generally filed to claim the tax deductions and exemptions from the long-term capital gains, however, the benefits of filing the ITR 2021-22 before July 31 are not limited to this

Individual taxpayers not having business or professional income can use this form

Filing income tax return will prove handy while applying for a loan, insurance cover, or a visa

The taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, among others. In all the paperwork, some mistakes are bound to happen

Filing ITR is mandatory in order to claim deductions under Chapter VI and exemptions on long-term capital gains; but there are other benefits you need to know about

A mistake in calculating tax liability could lead to a notice from the tax department

Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23

Report any discrepancy between the two documents to the employer immediately and get it rectified

The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) forms cater to small and medium taxpayers.

The government had extended the date of filing income tax returns for AY22 to December 31, 2021, from July 31, 2021

Of the e-verified ITRs, more than 23.8 million ITRs have been processed and over 909.5 million refunds for AY 2021-22 have been issued

Infosys has been asked to address issues linked to complex filings

Instead, they will just have to make a declaration in Form 12BBA to their bank, which will deduct TDS