{"id":9628,"date":"2022-04-04T12:16:46","date_gmt":"2022-04-04T12:16:46","guid":{"rendered":"https:\/\/sunkrish.com\/?p=9628"},"modified":"2022-04-10T12:24:42","modified_gmt":"2022-04-10T12:24:42","slug":"cbdt-notifies-new-income-tax-return-forms-1-to-5-for-assessment-year-2022-23","status":"publish","type":"post","link":"https:\/\/sunkrish.com\/index.php\/2022\/04\/04\/cbdt-notifies-new-income-tax-return-forms-1-to-5-for-assessment-year-2022-23\/","title":{"rendered":"CBDT notifies New Income Tax Return Forms 1 to 5 for Assessment Year 2022-23"},"content":{"rendered":"

\"\"<\/a>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.<\/p>\n

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.<\/p>\n

This year, almost all the ITR forms have been kept unchanged from the last year, except few small changes.<\/p>\n

Remember, an assessment year (AY) is the year that immediately follows the financial year (FY) in which the income was earned.<\/p>\n

Income of FY 2021-22 will be accessed in AY 2022-23.<\/p>\n

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.<\/p>\n

Check out which ITR form is applicable to you and changes to consider.<\/p>\n

ITR 1 form<\/strong><\/p>\n

It is for salaried individuals having a total income of up to Rs 50 lakh for the financial year 2021-22.<\/p>\n

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.<\/p>\n

This time, the assessee will have to provide information about income from overseas retirement funds while calculating their net salary.<\/p>\n

ITR 2 Form<\/strong><\/p>\n

If your salary income exceeds Rs 50 lakh, then use ITR-2.<\/p>\n

Also,\u00a0if 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.<\/p>\n

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ITR 3 form<\/strong><\/p>\n

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.<\/p>\n

ITR 4 Form<\/strong><\/p>\n

ITR-4 can be used by both resident individuals, firms and HUFs (Hindu Undivided Family) who had income either from profession or business.<\/p>\n

ITR\u00a0 5 Form and ITR 6 Form<\/strong><\/p>\n

These two forms are for corporates and trusts. ITR-5 is for partnership firms, business trusts, investment funds and so on.<\/p>\n

Whereas ITR-6 is for companies registered other than Section 11, respectively.<\/p>\n

ITR 7 form<\/strong><\/p>\n

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.<\/p>\n

Source: CBDT notification of Income-tax Returns for AY 22-23<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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 … Continued<\/a><\/p>\n","protected":false},"author":1,"featured_media":8309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,493,491],"tags":[450,322,455,451,295],"class_list":["post-9628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-corporate-services","category-economy-business-updates-corporate-affairs","category-income-tax-e-filing-of-returns-for-individuals-partnerships-companies","tag-central-board-of-direct-taxes-cbdt","tag-e-filing","tag-income-tax","tag-income-tax-return-itr","tag-taxation"],"_links":{"self":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/9628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/comments?post=9628"}],"version-history":[{"count":3,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/9628\/revisions"}],"predecessor-version":[{"id":9631,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/9628\/revisions\/9631"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media\/8309"}],"wp:attachment":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media?parent=9628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/categories?post=9628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/tags?post=9628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}