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April 1, 2022

CBDT notifies New Income Tax Return Forms 1 to 5 for Assessment Year 2022-23

by CA Shivam Jaiswal in Income Tax

CBDT notifies New Income Tax Return Forms 1 to 5 for Assessment Year 2022-23

ITR-1 is a return filing form applicable to the individual receiving income from salary, rent, and interest. ITR-4S is an income tax return form used by those assesses, who have chosen presumptive business income, and also derive their income from salary, rent, and interest.

ITR Form 2 is for Individuals and HUF receiving income other than income from “Profits and Gains from Business or Profession”.

The ITR 3 is applicable for individuals and HUF who have income from profits and gains from business or profession.

ITR 4 is to be filed by the individuals/HUF/ Partnership firm whose total income of AY 2020-21 includes: Business income under section 44AD or 44AE. Income from profession calculated under section 44ADA. Salary/pension having income up to Rs 50 lakh.

The ITR Form 5 is a form suitable for bodies such as firms, Body of Individuals (BOIs), Limited Liability Partnerships (LLPs), Artificial Juridical Person (AJP), Association of Persons (AOPs), the estate of insolvent, the estate of deceased, investment fund, business trust, local authority, and co-operative society.
The penalty is Rs 5,000 under Section 234F of the Income Tax Act for not filing your income tax return by the due date. However, if your total income is below ₹ 5 lakh, you have to pay ₹ 1,000. The I-T department provides (since 2018) pre-filled ITRs on the online platform, but the information needs to be checked thoroughly as there are technical issues in the newly launched tax filing platform.


G.S.R 231(E).—In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely:-

1. Short title and commencement.— (1) These rules may be called the Income-tax (fourth Amendment) Rules, 2022. (2) They shall come into force with effect from the 1st day of April, 2022.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 12,––

(a) in sub-rule (1), in the opening portion, for the figure “2021”, the figure “2022” shall be substituted;

(b) in sub-rule (5), for the figure “2020”, the figure “2021” shall be substituted.

3. In the principal rules, in Appendix-II, for Forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR4, ITR-5, ITR-6, ITR-V and ITR- Ack.

These changes are notiefied as under:

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