 "Income Tax Return for FY 2022-23: Know which ITR form applies to you")
Income tax return (ITR) forms for the Financial Year (FY) 2022–23 (assessment year 2023-24) have been announced by the Central Board of Direct Taxes (CBDT) through various notifications. You can access the information about the ITR through the official website of Income Tax - www.incometax.gov.in. So far, the Income Tax Department has notified 7 different forms, namely ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. Every taxpayer is required to submit their ITR by the deadline, if not earlier. The applicability of ITR forms varies according to the taxpayer’s sources of income, the quantity of income produced, and the taxpayer’s categorisation, such as an individual, HUF, firm, etc.
The department has not issued separate instructions regarding the applicability of different ITR forms yet. However on the basis of the notified ITR forms, one can infer the type of ITR form which is applicable for them.
ITR 1 - An ordinary resident individual (not a HUF) with an annual income of up to 50 lakh may submit this. Total income, for this reason, includes wage or pension income, rental income from one home, and income from other sources like bank account interest.
ITR 2 - Individuals and Hindu Undivided Families (HUF) with annual incomes above 50 lakh rupees can fill out this form. ITR-2 forms cannot be filed if your income is from profits and gains from a business or profession.
ITR 3 - These forms can be filed by persons owning partnerships in businesses as well as by individuals and HUF with income from a business or profession. If these conditions are not met, then the individual should not fill out ITR 3 forms.
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View AllITR 4 - It can be filled by the resident individual, HUF and people with Limited Liability Partnerships ( LLP) whose total income is up to Rs 50 lakhs. These forms cater to large and medium taxpayers.
ITR 5 - Any person except an individual, HUF or any company can fill out this form. These are applicable for, Firms, LLPs, the Association of Persons ( AOPs), Business Trusts and other similar companies.
ITR 6 - It is filled out by the companies which are not allowed to fill out the ITR 7 forms. It can be filled by any company other than political parties, research associations and others which are enlisted for ITR 7 forms.
ITR 7 - These forms are applicable for persons who include companies such as political parties, research associations, news agencies and other similar companies which are specified in the act.
If the ITR is not filed before 31 July, then a penalty ranging from Rs 1,000 to 5,000 will be levied on an individual which has to be paid before filing your Income Tax Return.
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