Central Board of Direct Taxes (CBDT) in order to promote timely compliances has started the practice of notifying the applicable Income tax return forms for the particular previous year well in advance, continuing the same practice, CBDT vide Notification No. 04/2023 dated 10th Feb 2023 & Notification No. 05/2023 dated 14th Feb 2023 notified the income tax return forms applicable for FY 2022-23 (AY 2023-24).
As the return filing season for FY 2022-23 (AY 2023-24) would start soon it’s important to understand which forms to be used for filing of the return, as selecting the wrong form may jeopardize the whole exercise of return filing and may have multiple adverse consequences.
Below table list the forms notified for FY 2022-23 (AY 2023-24) along with the applicability details which would help in choosing the correct forms.
ITR Forms Applicable for AY 2023-24
Forms Notified vide Notification No. 04/2023 dated 10th Feb 2023 & Notification No. 05/2023 dated 14th Feb 2023
| Forms | Taxpayer Category | Residential Status | Nature of Income | Income Limit | Other Conditions* (refer below) |
| ITR 1 (Sahaj) | Individual | R | Salaries or Family Pension | <=50 lakhs | If satisfied can’t use ITR 1 |
| House Property -> Owns only one House -> No b/f or c/f losses under this head |
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| Other Sources ->Except winning from lottery or horse race -> No loss under this head |
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| ITR 2 | Individual/HUF | R/RNOR/NR | All heads -> except from Buss & Profession |
NA | |
| ITR 3 | Individual/HUF | R/RNOR/NR | All heads | NA | |
| ITR 4 (Sugam) | Individual/HUF/ Firms (other than LLP) |
R | All heads with below condition ->For Buss & Profession-only if opted for Presumptive taxes u/s 44AD, 44ADA & 44AE ->House Property-owns only one house ->No b/f or c/f loss under any head |
<=50 lakhs | If satisfied can’t use ITR 4 |
| ITR 5 | All person -> except: Individual, HUF, Company & person filing ITR 7 |
R/NR | All heads (Salary NA) | NA | |
| ITR 6 | Company ->except filing ITR 7 |
R/NR | All heads (Salary NA) | NA | |
| ITR 7 | All person required to file u/s 139(4A),(4B),(4C) & 4(D) | R/RNOR/NR | All heads (Salary NA) | NA | |
| R=Resident, RNOR=Resident but not ordinarily Resident, NR=Non Resident, NA=Not applicable | |||||
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| S. No. | *Other Conditions | ||
| 1 | Has assets (including financial interest in any entity) located outside India | ||
| 2 | Has signing authority in any account located outside India | ||
| 3 | Has income from any source outside India | ||
| 4 | Has income to be apportioned in accordance with provisions of section 5A (applicable only in State of Goa & UT of Dadra & Nagar Haveli & Daman & Diu) | ||
| 5 | Has claimed deduction under section 57, other than deduction claimed under clause (iia) thereof | ||
| 6 | Is a director in any company | ||
| 7 | Has held any unlisted equity share at any time during the previous year | ||
| 8 | Is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assessee | ||
| 9 | Has claimed any relief of tax under section 90 or 90A or deduction of tax under section 91 i.e. Foreign tax relief | ||
| 10 | Has agricultural income, exceeding five thousand rupees | ||
| 11 | Has income taxable under section 115BBDA | ||
| 12 | Has income of the nature referred to in section 115BBE | ||
| 13 | Is a person in whose case tax has been deducted under section 194N | ||
| 14 | Is a person in whose case payment or deduction of tax has been deferred under sub-section (2) of section 191 or sub-section (1C) of section 192 | ||
| 15 | Has income of the nature specified in clause (vi) of sub-section (2) of section 17 on which tax is payable or deductible, as the case may be, under sub-section (2) of section 191 or sub-section (1C) of section 192 | ||
| For ITR 4 other conditions from Sl. No. 1 to 4 & 6 to 12 & 15 only need to be checked | |||
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Disclaimer: This material has been prepared for informational/educational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
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Very nice and informative article.keep it up Pawan sir
It is informed that there is not uniformity in crediting the interest payment by Banks /financial institutions. Some banks credited interest in quarterly basis or Some credited annually, which jeopardize the filling ITR in the month of April. Showing of interest in 26AS must be in prescribed time basis.