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Indian Developments

Direct Tax

CBDT notifies income tax return forms for ay 2023-24

Press Release dated 15 February 2023

• CBDT has notified ITR Forms for AY 23-24 vide Notification No. 4 and 5 of 2023 dated 10 February 2023 and 14 February 2023, which will come into effect from 1 April 2023.
• As such, no significant changes have been made to the ITR Forms compared to last year’s ITR Forms. Only the bare minimum changes necessitated due to amendments in the Act have been made, the list of new ITR forms is as follows:
  • ITR Form 1 (Sahaj) - Can be filed by a resident individual having income up to INR 5 million and who receives income from salary, one house property, other sources and agriculture income up to INR 5000.
  • ITR Form 2 - Can be filed by Individuals and HUFs not having income from business and profession and who are not eligible for filing Sahaj.
  • ITR Form 3 - Can be filed by Individuals and HUFs having income from business and profession and who are not eligible for filing Sahaj.
  • ITR Form 4 (Sugam) - Can be filed by Individuals, HUFs and firms (other than LLPs) being residents having total income up to INR 5 million and having income from business and profession computed u/s 44AD, 44ADA or 44AE.
  • ITR Form 5 - Can be filed by Assessees other than individuals, HUFs and companies, i.e., partnership firms, LLPs, etc.
  • ITR Form 6 - Can be filed by all companies other than companies claiming exemption u/s 11.
  • ITR Form 7 - Can be filed by Trusts, political parties, charitable institutions, etc., claiming exempt income.
• However, no changes have been made in the manner of filing the ITR Forms as compared to AY 22-23.

CBDT notifies centralised processing of equalization levy statement scheme, 2023

Notification S.O. 614(E) NO. 03/2023/F.NO.370142/1/2023- TPL dated 7 February 2023

• CBDT has notified this scheme which will be applicable in respect of the processing of the Equalisation Levy Statements.
• Every assessee or e-commerce operator shall furnish the Equalization Levy Statement under sub-section (1) of section 167 of the Act within the time stipulated.
• Furnishing of the original or revised statement shall be done within any time before the expiry of two years from the end of the FY in which the specified services were provided.
• The Commissioner may declare an Equalization Levy Statement invalid on the grounds of non-compliance with the procedure for using any software not validated and approved by the respective authority or on account of incomplete information in the statement.
• Processing will be done after adjusting arithmetical errors, computation of correct interest amount based on sum deductible or payable, etc.
• In connection to any proceedings relating to Equalization Levy, no personal appearance in the Centre shall be required by the assessee or e-commerce operator. Written or electronic communication in the specified format shall be sufficient compliance of the query or clarification received from the Centre.