<p>The Income-Tax Department has notified forms for filing I-T returns by individuals as well as businesses for 2022-23 fiscal year.</p>.<p>The Central Board of Direct Taxes (CBDT), through a notification dated February 10, has notified ITR forms 1-6, ITR-V (verification form) and ITR acknowledgement form.</p>.<p>AMRG & Associates Senior Partner Rajat Mohan said CBDT has notified the income tax return forms for Assessment Year 2023-24 (for income earned in 2022-23) quite early, which would help taxpayers prepare their income returns early this year. Last year, such forms were notified in the first week of April.</p>.<p>"Early notification of ITR forms would give ample time to all the stakeholders, including the e-filing portal, third-party software companies, taxpayers, and tax professionals. This year, software vendors can use this extra time for an early implementation of excel utility and third-party software for filing ITRs," Mohan added.</p>.<p>ITR-1 and ITR-4 are simpler forms that cater to a large number of small and medium taxpayers.</p>.<p>ITR-1 can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property and other sources (interest, etc). ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs) and firms with total income up to Rs 50 lakh and having income from business and profession.</p>.<p>While ITR-2 is filed by people having income from residential property, ITR-3 is filed by professionals. ITR-5 and ITR-6 are filed by LLPs and businesses.</p>
<p>The Income-Tax Department has notified forms for filing I-T returns by individuals as well as businesses for 2022-23 fiscal year.</p>.<p>The Central Board of Direct Taxes (CBDT), through a notification dated February 10, has notified ITR forms 1-6, ITR-V (verification form) and ITR acknowledgement form.</p>.<p>AMRG & Associates Senior Partner Rajat Mohan said CBDT has notified the income tax return forms for Assessment Year 2023-24 (for income earned in 2022-23) quite early, which would help taxpayers prepare their income returns early this year. Last year, such forms were notified in the first week of April.</p>.<p>"Early notification of ITR forms would give ample time to all the stakeholders, including the e-filing portal, third-party software companies, taxpayers, and tax professionals. This year, software vendors can use this extra time for an early implementation of excel utility and third-party software for filing ITRs," Mohan added.</p>.<p>ITR-1 and ITR-4 are simpler forms that cater to a large number of small and medium taxpayers.</p>.<p>ITR-1 can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property and other sources (interest, etc). ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs) and firms with total income up to Rs 50 lakh and having income from business and profession.</p>.<p>While ITR-2 is filed by people having income from residential property, ITR-3 is filed by professionals. ITR-5 and ITR-6 are filed by LLPs and businesses.</p>