ITR Forms for the AY 2022-23 or FY 2021-22

The Central Board of Direct Taxes (CBDT) vide a Notification dated 30th March 2022 has notified the Income-tax (Fourth Amendment) Rules, 2022. With this amendment, CBDT notified five income tax return (ITR) forms for the assessment year 2022-23. for the Assessment Year (AY) 2022-23 relevant to the financial year (FY) 2021-22. The new ITR forms for the financial year 2022-23 seek details of more disclosures, including details of investment in unincorporated entities, and income from overseas retirement benefit accounts from taxpayers.

Synopsis of Income-tax (Fourth Amendment) Rules, 2022

CBDT has notified ITR Forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR4, ITR-5, ITR-6, ITR-V, and ITR- Ack for the Assessment Year 2022-23 by Income-tax (Fourth Amendment) Rules, 2022. The notified ITR forms do not contain any major amendments or changes compared to the preceding year except a few to incorporate the changes or amendments made by the Finance Act of the relevant year to incorporate the changes or amendments in the Finance Act of the relevant year

Income Tax Return (ITR)

Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable to the income tax department. The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 to date Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned, and the category of the taxpayer like individuals, HUF, company, etc.

Latest Update on the Pay Later Option for Income Tax Filing

The Income Tax e-filing portal has recently rolled out a 'Pay Later' option, allowing you to complete your tax filing process before making any tax payments. You can pay taxes after you are done filing. For additional information, please refer to our guide – Pay later option for the Income tax return filing.

ITR Form 1 or SAHAJ

ITR-1 return filing and ITR Form 4 (Sugam) are simple forms that cater to a large number of small and medium taxpayers. SAHAJ is applicable being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income upto Rs. 5000. This form is not applicable for an individual who is either Director in a company or has invested in unlisted equity shares or in cases where TDS has been deducted under section 194N or if income tax is deferred on ESOP.

ITR Form 1 or SAHAJ for the AY 2022-23

The ITR-1 form has been kept broadly the same as last year, the new addition to the form was the inclusion of income from retirement benefits accounts maintained in a foreign country for the calculation of net salary. It also seeks details on whether or not the said retirement benefits account was maintained in a notified country under section 89A of the Income Tax Act. Taxpayers can also claim relief from taxation under section 89A on this income. ITR Form 1 or SAHAJ for AY 2024-25 is attached here for reference: [pdf-embedder url="https://www.indiafilings.com/learn/wp-content/uploads/2022/04/ITR-1-FORM.pdf"]

ITR form 2

This form applies to Individuals and HUFs who are salaried and have income from other sources but not from business. In other words other than the business income category taxpayers can file this ITR-2 return filing. ITR Form 2 for the AY 2024-25 is attached here for reference: [pdf-embedder url="https://www.indiafilings.com/learn/wp-content/uploads/2022/04/ITR-2-FORM.pdf"]

ITR form 3

ITR-3 return filing can be filed by the taxpayers having income as profits from other businesses or professions. ITR Form 3 for theAY 2024-25 is attached here for reference: [pdf-embedder url="https://www.indiafilings.com/learn/wp-content/uploads/2022/04/ITR-3-FORM.pdf"]

ITR Form 4 or Sugam

ITR Form 4 can be filed by individuals, HUFs, and firms with total income up to Rs 50 lakh and having income from other businesses and professions which is computed under sections 44AD, 44ADA, or 44AE of the Income Tax Act.

This form is applicable for big business income group taxpayers who can give a presumptive figure of their annual turnover in this form.
It’s not applicable for an individual who is either Director in a company or has invested in unlisted equity shares or if income tax is deferred on ESOP or has agricultural income more than Rs. 5000.

ITR Form 4 for the AY 2024-25 is attached here for reference: [pdf-embedder url="https://www.indiafilings.com/learn/wp-content/uploads/2022/04/ITR-4-FORM.pdf"]

ITR Form 5

The ITR-5 return filing can be filed by a corporate body limited liability partnership (LLP). ITR Form 5 for the AY 2024-25 is attached here for reference: [pdf-embedder url="https://www.indiafilings.com/learn/wp-content/uploads/2022/04/ITR-5-FORM.pdf"]

ITR form 6

ITR form 6 is applicable for companies registered other than Section 11. ITR Form 6 for the AY 2024-25 is attached here for reference: [pdf-embedder url="https://www.indiafilings.com/learn/wp-content/uploads/2022/04/ITR-6-FORM.pdf"]

Amendment in Rule 12 - Manner of filing ITR

There is no change in the manner of filing ITR Forms as compared to last year. CBDT has amended Rule 12 of the Income Tax Rules,1962 to incorporate the changes related to ITR forms for the AY 2022-23. Rule 12 of Income Tax Rules, 1962 prescribes the manner of filing the income tax return in ITR. The following amendments are notified for the ITR forms ITR-1 to ITR-6 for the AY 2022-23

In Rule 12(1), the year ‘2022’ is replaced for the figure ‘2021’ to make the changes applicable for AY 2022-23.
In Rule 12(5), the year ‘2021’ is replaced for the figure ‘2020’ to make the ITR forms applicable for the AY 2021-22 or earlier assessment years which were notified for respective years.
This amended rule shall come into force with effect from the 1st day of April 2022.
New ITR Forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR-4, ITR-5, ITR-6, and ITR-V have been substituted for the AY 2022-23.

Though ITR forms for the AY are notified, no utility on the e-filing portal is yet given for the online filing of the return. Click here to get the official Notification of CBDT