50 Lakhs from any of the following sources, you need to file ITR-1 or Sahaj ITR Form:Ī) Salary/Pension. If you are a Resident Individual having income for the Assessment Year 2022-23 (Financial Year 2020-21) upto Rs. New ITR-1 or Sahaj – For Resident Individuals with income upto Rs.50 lakh:.Let’s see the details of the Income Tax Return forms applicable to Individuals and HUFs: In this post, let us discuss who should file which ITR Form and are there any specific changes in ITR forms for AY 2022-23 or FY 2020-21. There are 7 ITR Forms (ITR-1 to ITR-7) applicability of which varies depending upon the source of income, the category in which the taxpayer falls into (individual, HUF, company, etc.), residential status, and so on. The Central Board of Direct Taxes (CBDT) on 30th March 2022 notified the new ITR Forms for AY 2022-23, where assesses have to report the income earned in the Financial Year 2020-21. The first step in filing the tax return correctly would be the selection of the appropriate Income Tax Return Form.
In some cases, it is mandatory to file ITR as well. Income tax Return filing has many benefits and non-filing attracts various penalties.
It is the duty of every taxpayer to file Income Tax Returns before the due date even if you have paid all your taxes or your income is below the exemption limits. Be it- salaried individuals, business firms, or companies all are required to file returns. Filing Income Tax Returns is one of the most important tasks to be completed in a financial year.
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