New income tax forms: The finance ministry has notified new Income Tax Return (ITR) forms for the assessment year 2022-23 to file a return of income for the financial year 2021-22. The Central Board of Direct Taxes (CBDT) has notified the forms ITR-1 to ITR-5. Largely all the ITR forms have been kept unchanged from the last year, except for a few small changes.
“It is a relief to see that ITR forms do not carry many changes as it makes filing convenient for taxpayers," said Srivatsan Chari, Co-Founder - Clear
Changes in new ITR Forms for AY 2022-23
All ITR forms will seek additional information with regard to overseas retirement benefits and interest accrual on provident fund deposits exceeding ₹2.5 lakh a year.
“In all ITR forms, new rows have been included where details are required to be reported (by those to whom it applies) for income accrued on foreign retirement accounts and any such income which has been claimed for tax relief under section 89A," said Srivatsan Chari.
However, there is no insertion of any schedule related to the disclosure of cryptocurrencies, perhaps that shall be included in next year's ITR forms, he added.
ITR-1 form
ITR-1 form, to be filled by individuals having income up to ₹50 lakh, has been kept broadly the same as last year. However, the assessee will have to provide information about income from overseas retirement funds while calculating their net salary.
ITR-2 form
The ITR-2 form seeks information regarding the interest accrued in the provident fund (PF) on contributions exceeding ₹2.5 lakh per annum.
ITR-3 form
ITR-3 is filed by people having income as profits from business/ profession.
ITR-4 form
ITR-4 can be filed by individuals, HUFs and firms with total income up to ₹50 lakh and having income from business and profession.
ITR-5 form
ITR-5 is filed by LLPs. ITR-4 can be filed by individuals, HUFs and firms with total income up to ₹50 lakh and having income from business and profession.
The ITR forms for corporates and trusts (ITR 6 and 7) will be notified later.
