The Finance Ministry has recently notified the new Income Tax Return (ITR) forms for the assessment year (AY) 2022-23 to file a return of income earned in the financial year (FY) 2021-22.
So far, the Central Board of Direct Taxes (CBDT) notified the new ITR forms, from ITR Form 1 to ITR Form 7, which are available on the Income Tax website.
This year, almost all the ITR forms have been kept unchanged from the last year, except few small changes.
Remember, an assessment year (AY) is the year that immediately follows the financial year (FY) in which the income was earned.
Income of FY 2021-22 will be accessed in AY 2022-23.
All ITR forms will seek additional information with regard to overseas retirement benefits and interest accrual on provident fund deposits exceeding Rs 2.5 lakh a year.
Check out which ITR form is applicable to you and changes to consider.
ITR 1 form
It is for salaried individuals having a total income of up to Rs 50 lakh for the financial year 2021-22.
You can also file a return in ITR 1 if you earn income from other sources such as interest from bank deposits, house property and agriculture income up to Rs 5,000.
This time, the assessee will have to provide information about income from overseas retirement funds while calculating their net salary.
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ITR 2 Form
If your salary income exceeds Rs 50 lakh, then use ITR-2.
Also, if you have income in the form of capital gains from more than one house property, or if you earn a foreign income, or own a foreign asset.
ITR 3 form
This form is for businessmen and professionals who do not earn a salaried income. If you are a partner of a firm, you should use ITR-3.
ITR 4 Form
ITR-4 can be used by both resident individuals, firms and HUFs (Hindu Undivided Family) who had income either from profession or business.
ITR 5 Form and ITR 6 Form
These two forms are for corporates and trusts. ITR-5 is for partnership firms, business trusts, investment funds and so on.
Whereas ITR-6 is for companies registered other than Section 11, respectively.
ITR 7 form
This form is for persons including companies that are required to furnish returns under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.
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