On 10-2-2023, the Ministry of Finance notified the Income-tax (First Amendment) Rules, 2023 to amend the Income-tax Rules, 1962 (‘IT Rules'). The provisions will come into effect on 1-4-2023.
Key Points:
The following Forms in Appendix- II for filing Income Tax Return have been revised:
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Sahaj (ITR-1) relating to individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs.5,000.
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ITR-2 relating to individuals and Hindu Undivided Family (‘HUFs') not having income from profits and gains of business or profession.
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ITR-3 relating to individuals and HUFs having income from profits and gains of business or profession.
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SUGAM (ITR-4) relating to individuals, HUFs and firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE.
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ITR-5 relates to persons other than individual, HUF, company and person filing Form ITR-7.
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ITR-6 relates to Companies other than companies claiming exemption under section 11.
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ITR-V is a Verification Form, where the data of the Return of Income in Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4), ITR-5, ITR-7 filed but NOT verified electronically.
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Indian Income Tax Return Acknowledgement where the data of the Return of Income in Form SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4), ITR-5, ITR-6, ITR-7 filed and verified.
*Kriti Kumar, Editorial Assistant has reported this brief.