Income Tax return: New ITR forms explained
India Today
ITR forms have been notified by the Central Board of Direct Taxes (CBDT) for Assessent Year 2022-23.
Income taxpayers must take note that new ITR forms have been notified by the finance ministry for the Assessent Year 2022-23. The Central Board of Direct Taxes (CBDT) has notified the forms ITR-1 to ITR-5. The ITR forms seek additional information with regard to overseas retirement benefits and interest accrual on provident fund deposits exceeding Rs 2.5 lakh a year.
The ITR-1 Sahaj form needs to be filled by individuals having income up to Rs 50 lakh.
"For individuals 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.5 thousand," the CBDT said.
The form has been kept broadly the same as last year. However, the assessee will have to provide information about income from overseas retirement fund while calculating net salary.
The assessee will have to disclose whether the overseas retirement fund is in a notified country.
The ITR-2 form seeks information regarding the interest accrued in the provident fund on contributions exceeding Rs 2.5 lakh per annum.
In order to tax high-value depositors in the Employees' Provident Fund (EPF), the government last year said interest on employee contributions to the provident fund over Rs 2.5 lakh per annum would be taxed from April 1, 2021.
