The CBDT has released new Income-tax Return (ITR) Forms for the Assessment Year 2023-24 vide Notification No. 04/2023, dated 10-02-2022, and Notification No. 05/2022, dated 14-02-2023.
The CBDT said that to facilitate the taxpayers and ease of filing, no significant changes have been made to the ITR Forms compared to last year’s. Only the bare minimum changes necessitated due to amendments in the Income-tax Act 1961 have been made.
The applicability of the ITR forms for different taxpayers remains unchanged, and small taxpayers can still use the simple ITR forms (ITR 1 and ITR 4) without any additional conditions. However, ITR-1 can’t be filed by an individual who is otherwise not liable to file but has to file because of depositing more than Rs. 1 crore in one or more current accounts.
Taxmann’s Advisory & Research Team has thoroughly analysed new ITR Forms (ITR 1 to 7) and highlighted all key changes and new requirements in current ITR forms viz-a-viz last year’s ITR Forms.
