The Income Tax Department has issued notifications for all income tax forms pertaining to the assessment year 2023-24 and assessment year 2022-23.
The updated regulations state that taxpayers who have undergone search and seizure proceedings by the Government are now authorized to submit a revised ITR under Section 153 C.
News18 reported that the CBDT had made changes to the ITR-1 form in February, particularly concerning the disclosure requirements under Section 139(1).
Individuals who voluntarily file their returns and have an annual taxable income below Rs 2.5 lakh are now exempt from disclosing their fixed deposits, even if they exceed Rs 1 crore.
ITR-4 Sugam and Others for FY 2022-23
The ITR-1 and ITR-4 forms serve as a means for small to medium taxpayers to declare their financial transactions.
Taxpayers earning up to ₹50 lakhs and receiving income from sources such as salary, property, and others can make use of the ITR-1 form.
On the other hand, ITR-4 form is intended for individuals, Hindu Undivided Families (HUFs), and firms earning a total income of up to ₹50 lakhs.
The ITR-2 form is meant for taxpayers earning more than ₹50 lakhs from residential property, while the ITR-3 form is designed for professionals.
ITR-5 and ITR-6 are intended for Limited Liability Partnerships (LLPs) and businesses, respectively.
The Income Tax Department is currently in the process of releasing all the ITR forms.
Nonetheless, for the financial year 2022-23 and assessment year 2023-24, the IT Department has announced the availability of ITR-1 and ITR-4 forms, which are tailored for small to medium-level taxpayers.
Who is Eligible to File ITR-4?
Individuals and entities earning up to ₹50 lakhs, such as salaried individuals, self-employed individuals, businesses, and HUFs, can use the ITR-4 form.
This form is calculated using Sections 44AD, 44ADA, or 44AE and includes income generated from agriculture up to ₹5,000.
Documents You Require to File ITR-4
Here are the documents mentioned below that you need to read:
- Form 16
- Form 26AS & AIS
- Form 16A
- Bank Statements
- Housing Loan Interest Certificates
- Receipts for Donations Made
- Rental Agreement
