Income Tax Return Form Notified For AY 2023-24: The new income tax return form has been notified for the financial year 2022-23 and assessment year 2023-24. The Central Board of Direct Taxes (CBDT) has also notified the Income Tax Return Acknowledgment along with the new Income Tax Return Form for the assessment year 2023-24. Although CBDT has always been notifying the income tax return form at the beginning of the financial year, this time it has been notified before the start of the financial year.

The common ITR form did not come
However, this time it was expected that CBDT could issue Common Income Tax Return for filing an income tax return from this year. Finance Minister Nirmala Sitharaman also proposed a common income tax return form for all taxpayers while presenting the budget on February 1, 2023. He said that it has always been the endeavour of the Income Tax Department to improve taxpayers' services and make compliance easier and easier. The Finance Minister had said that she wants to see more improvements in this, so for the convenience of taxpayers, the Next Generation Common Income Tax Return Form will be rolled out. However, it is not being launched in the coming assessment year.

Let us tell you that there are 7 types of income tax return forms for different types of taxpayers. The Income Tax Department has notified Form No. 1 to Form No. 5. Through these forms, taxpayers will file income tax returns for the assessment year 2023-24.

For whom is ITR Form No. 1
The income tax return form number is for those taxpayers whose annual income is up to Rs 50 lakh. His source of income should be income from a house property other than his salary. Apart from this, people with income from interest and dividend income and income up to Rs 5,000 per annum from agriculture can also file income tax returns through ITR Form 1.

For whom is ATR Form No. 2
If there is capital gain from the sale of mutual funds, stocks or immovable properties or if there is more than one house property, then such taxpayers will have to file ITR-2. However, ITR-2 cannot be filed by those people who have profit from business or profession.

Who can fill out Form No? - 3
Income Tax Return Form No-3 will be applicable for individuals and HUFs who have income from profits or gains from business.

ATR Form No. - 4
ITR-4, also known as SUGAM, is applicable for individuals and HUFs (Hindu Undivided Families) (other than LLPs) having total income from business and profession up to Rs 50 lakh. It does not apply to a person who is either a director in a company or has invested in unlisted equity shares or has agricultural income exceeding Rs.5,000.