Income Tax Return FY 2022-23: Filing an ITR allows individuals to declare their total income earned during the financial year. It ensures transparency and helps the government assess the tax liability accurately. By filing an ITR, taxpayers can calculate their taxable income, claim deductions, exemptions, and rebates as per the provisions of the Income Tax Act. This helps in determining the correct amount of tax payable.
Filing ITRs ensures compliance with tax laws and provides a documented record of your income and tax payments. This can be useful in case of tax scrutiny or audit by the tax authorities.
It’s important to note that the specific rules, thresholds, and requirements may vary from year to year. It is advisable to consult a tax professional or refer to the official website of the Income Tax Department for the most accurate and up-to-date information regarding income tax return filing.
Moreover, the Income Tax Department has released the ITR 2 offline form for the assessment year 2023-24 (financial year 2022-23). Taxpayers who meet the eligibility criteria can access the form through the IT department’s website (https://www.incometax.gov.in/iec/foportal/) and file their ITR offline. The department has already notified the offline ITR-1 and ITR- 4 forms.
ITR Form 2: It is for Individuals and HUFs not having income from profits and gains of business or profession.
The Income Tax Return (ITR) form 2 is used by individuals and Hindu Undivided Families (HUFs) to file their income tax returns. This form is applicable to individuals who do not have income from business or profession. The following individuals or HUFs can use the offline ITR 2 form:
- Individuals with income from salary or pension
- Individuals with income from house property (rental income)
- Individuals with income from capital gains (profits from the sale of assets such as property, shares, or mutual funds)
- Individuals with income from other sources (including interest income, dividends, etc.)
- Individuals with foreign assets or foreign income
HUFs with income from the above-mentioned sources
However, it’s important to note that the applicability of ITR forms may change over time. It’s always recommended to refer to the latest guidelines and consult a tax professional or the official website of the Income Tax Department for the most up-to-date information and guidance on which form to use for filing income tax returns.
Other ITR Forms
ITR-1 SAHAJ
For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs.5,000.
ITR 3
For individuals and HUFs having income from profits and gains of business or profession
ITR-4 Sugam
For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE
ITR-5
For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR-6
For Companies other than companies claiming exemption under section 11
ITR-7
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only
ITR-V
Where the data of the Return of Income in Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4), ITR-5, ITR-7 filed but NOT verified electronically
Acknowledgement
Where the data of the Return of Income in Form SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4), ITR-5, ITR-6, ITR-7 filed and verified.
Income Tax Return Due Date: Usually, for most taxpayers, the due/last date for filing the Income Tax Return is July 31.
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