The Central Board of Direct Taxes (CBDT) has notified income tax return (ITR) forms for the Financial Year (FY) 2022-23 (assessment year or AY 2023-24) via notifications dated February 10, 2023, and February 14, 2023
Individuals, mainly having income from salaries, having total income up to Rs 50 lakh, one house property, other sources (interest), and agricultural income up to Rs 5,000, can choose ITR-1 SAHAJ
ITR form 2 is for individuals and Hindu Undivided Families (HUFs) that don’t have their income from profits and gains of business or profession. The individual should also not have income from interest or salary
ITR-3 is for the individuals and HUFs having income from profits and gains of business or profession, and who are not eligible to file Form ITR-1 (Sahaj), ITR-2, or ITR-4 (Sugam)
ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs), and firms (other than LLPs) with total income up to Rs 50 lakh and having income from business and profession. The income tax is computed under sections 44AD, 44ADA or 44AE
ITR-5 is suitable for bodies such as firms, Body of Individuals (BOIs), Limited Liability Partnerships (LLPs), Artificial Juridical Person (AJP), Association of Persons (AOPs), the estate of insolvent, the estate of the deceased, investment fund, business trust, local authority, and co-operative society
ITR-6 is to be filed by every company irrespective of its structure registered under the Companies Act 2013 or the earlier Companies Act 1956. However, the companies whose source of income comes from the property that is held for religious or charitable purposes are not required to file ITR 6 Form
ITR-7 can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
ITR-V is mailed by the I-T Department after you have e-filed your return. It is a one-page verification document you must submit to the Income Tax Department for them to start processing your return