{"id":141,"date":"2015-07-10T11:58:49","date_gmt":"2015-07-10T11:58:49","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=141"},"modified":"2023-07-20T14:13:59","modified_gmt":"2023-07-20T14:13:59","slug":"income-tax-update","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/income-tax-update\/","title":{"rendered":"ITR Forms for FY 2022-23 -Types &#038; Applicability"},"content":{"rendered":"<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5739\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/type-of-ITR.jpg\" alt=\"Kind of Tax returns \" width=\"1080\" height=\"1064\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/type-of-ITR.jpg 1080w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/type-of-ITR-300x296.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/type-of-ITR-1024x1009.jpg 1024w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/type-of-ITR-768x757.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/type-of-ITR-800x788.jpg 800w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/h2>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69ea399a02475\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69ea399a02475\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/income-tax-update\/#NEW_ITR_FORMS_FOR_FY_2022-23_%E2%80%93_TYPES_APPLICABILITY\" title=\"NEW ITR FORMS FOR FY 2022-23 &#8211; TYPES &amp; APPLICABILITY\">NEW ITR FORMS FOR FY 2022-23 &#8211; TYPES &amp; APPLICABILITY<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/income-tax-update\/#BRIEF_INTRODUCTION\" title=\"BRIEF INTRODUCTION\">BRIEF INTRODUCTION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/income-tax-update\/#INCOME_TAX_RETURN\" title=\"INCOME TAX RETURN\">INCOME TAX RETURN<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/income-tax-update\/#ITR_FORMS\" title=\"ITR FORMS\">ITR FORMS<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caindelhiindia.com\/blog\/income-tax-update\/#TYPES_OF_ITR_AND_THEIR_APPLICABILITY\" title=\"TYPES OF ITR AND THEIR APPLICABILITY\">TYPES OF ITR AND THEIR APPLICABILITY<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caindelhiindia.com\/blog\/income-tax-update\/#ITR_1\" title=\"ITR 1\">ITR 1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caindelhiindia.com\/blog\/income-tax-update\/#ITR_2\" title=\"ITR 2\">ITR 2<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.caindelhiindia.com\/blog\/income-tax-update\/#ITR_3\" title=\"ITR 3\">ITR 3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.caindelhiindia.com\/blog\/income-tax-update\/#ITR_4\" title=\"ITR 4\">ITR 4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.caindelhiindia.com\/blog\/income-tax-update\/#ITR_5\" title=\"ITR 5\">ITR 5<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.caindelhiindia.com\/blog\/income-tax-update\/#ITR_6\" title=\"ITR 6\">ITR 6<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.caindelhiindia.com\/blog\/income-tax-update\/#ITR_7\" title=\"ITR 7\">ITR 7<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"margin-top: 0cm; text-align: justify; line-height: normal; background: white; vertical-align: baseline;\"><span class=\"ez-toc-section\" id=\"NEW_ITR_FORMS_FOR_FY_2022-23_%E2%80%93_TYPES_APPLICABILITY\"><\/span><span style=\"color: #ff0000;\"><b><span style=\"font-size: 15pt; font-family: Arial, sans-serif; background: white;\">NEW ITR FORMS FOR FY 2022-23 &#8211; TYPES &amp; APPLICABILITY<\/span><\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"BRIEF_INTRODUCTION\"><\/span><span style=\"color: #000080;\"><strong>BRIEF INTRODUCTION<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Where offline ITRs were filed, greater importance be given on the type of ITR form applicable based on the source and quantum of the income of the taxpayer. However, with the advancement of technology, all these manual works is now done with the help of software\u2019s and thus, would not require application of knowledge.<\/p>\n<p>Even though everything is online, the taxpayer is required to have a basic knowledge of all the ITR forms, in order to proceed with their ITR filing.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"INCOME_TAX_RETURN\"><\/span><span style=\"color: #000080;\"><strong>INCOME TAX RETURN<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Income Tax Return is a statement, forming the structure of a taxpayer\u2019s income. It basically describes the quantum of income and their sources, and the said information is furnished with the government, so that they can easily gather the details of income of all the taxpayers and can collect taxes accordingly.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"ITR_FORMS\"><\/span><span style=\"color: #000080;\"><strong>ITR FORMS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Where a taxpayer is required to file their ITR, the same can be done by filing the ITR forms, made available on the IT portal. Specific forms have been prescribed, based on the source and quantum of income. The taxpayer is required to identify the applicable form and furnish the information in the said identified form.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"TYPES_OF_ITR_AND_THEIR_APPLICABILITY\"><\/span><span style=\"color: #000080;\"><strong>TYPES OF ITR AND THEIR APPLICABILITY<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"ITR_1\"><\/span><span style=\"color: #000080;\"><strong>ITR 1<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">This form is applicable to individuals who are residents and have total income of up to Rs 50 lakh constituting of Income from Salary, one house property, income from other sources (including family pension and interest income), and income from agricultural activities maximum up to Rs 5000. This ITR form does not apply to a Director in a company or made investment in unlisted equity shares or even in cases where TDS got subtracted as per section 194N where the ESOP taxation aspect has been deferred under new relaxation.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6116\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-1.jpg\" alt=\"ITR -1\" width=\"1001\" height=\"552\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-1.jpg 1001w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-1-300x165.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-1-768x424.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-1-800x441.jpg 800w\" sizes=\"(max-width: 1001px) 100vw, 1001px\" \/><\/p>\n<ol start=\"2\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"ITR_2\"><\/span><span style=\"color: #000080;\"><strong>ITR 2<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">It is applicable to Individuals and HUFs having income from different sources except from business or professional income. Thus, an individual or HUF, not eligible to file Sahaj ITR 1, can file ITR-2. Therefore, any director of a company, as well as anyone who owns unlisted equity shares of a company, will be required to file ITR-2 returns. Also, individuals having more than one house property should also file an ITR-2 income tax return.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6117\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-2.jpg\" alt=\"ITR 2\" width=\"1078\" height=\"677\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-2.jpg 1078w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-2-300x188.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-2-1024x643.jpg 1024w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-2-768x482.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-2-800x502.jpg 800w\" sizes=\"(max-width: 1078px) 100vw, 1078px\" \/><\/p>\n<ol start=\"3\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"ITR_3\"><\/span><span style=\"color: #000080;\"><strong>ITR 3<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">It is to be filed by persons having income from a business or profession. Thus, the eligible source of income for ITR 3 are \u2013<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Running a business or profession whether subject to audit or not.<\/li>\n<li>Income from all other sources like salary, house property, capital gain and other sources, be also included.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6118\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-3.jpg\" alt=\"ITR 3\" width=\"1192\" height=\"684\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-3.jpg 1192w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-3-300x172.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-3-1024x588.jpg 1024w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-3-768x441.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-3-800x459.jpg 800w\" sizes=\"(max-width: 1192px) 100vw, 1192px\" \/><\/p>\n<ol start=\"4\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"ITR_4\"><\/span><span style=\"color: #000080;\"><strong>ITR 4<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">It is applied to Individuals, HUFs, and Firms, excluding LLPs, who are residents and have total income up to Rs.50 lakh. Such income constitutes income from business and profession, subject to computation under sections 44AD, 44ADA, or 44AE. Apart from business or profession, it includes income from one house property with single ownership, interest Income, Family Pension, and agricultural income up to Rs.5,000.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6111\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-4...jpg\" alt=\"ITR -4\" width=\"1135\" height=\"667\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-4...jpg 1135w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-4..-300x176.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-4..-1024x602.jpg 1024w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-4..-768x451.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/07\/ITR-4..-800x470.jpg 800w\" sizes=\"(max-width: 1135px) 100vw, 1135px\" \/><\/p>\n<ol start=\"5\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"ITR_5\"><\/span><span style=\"color: #000080;\"><strong>ITR 5<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">This form is to be filed by Firms, LLPs, Association of Persons, Body of Individuals, Artificial Juridical Person, legal heirs of deceased and insolvent person, trust and investment-based funds.<\/p>\n<ol start=\"6\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"ITR_6\"><\/span><span style=\"color: #000080;\"><strong>ITR 6<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">Such form is required to be filed by companies not eligible for an exemption under Section 11. It is to be noted that exemption under section 11 is provided to companies that receive income from property held for charitable or religious purposes. Such a return be filed electronically and authorized with the assigned digital signature.<\/p>\n<ol start=\"7\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"ITR_7\"><\/span><span style=\"color: #000080;\"><strong>ITR 7<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\">It is to be filed by trusts, political parties, charitable institutions etc. receiving exempt income under the Act. Also, where the individuals and companies, fall under section 139(4A), section 139 (4B), section 139 (4C), or section 139 4D, they can also file ITR-7 form. One of the required aspects of this form is that, the taxes deducted, collected, or paid by or on their behalf, must match with their Tax Credit Statement Form 26AS. This form is divided into two parts with a total of 23 schedules.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW ITR FORMS FOR FY 2022-23 &#8211; TYPES &amp; APPLICABILITY BRIEF INTRODUCTION Where offline ITRs were filed, greater importance be given on the type of ITR form applicable based on the source and quantum of the income of the taxpayer. However, with the advancement of technology, all these manual works is now done with the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[142],"tags":[502,501,545,737,560,729],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/141"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=141"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/141\/revisions"}],"predecessor-version":[{"id":1335,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/141\/revisions\/1335"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}