CBDT notifies new Income Tax Return forms for the A.Y 2022-23

FILING OF INCOME TAX RETURNS (ITR) ONLINE FOR THE F.Y 2021-22 (AY 2022-23)

Income Tax Department has notified 7 various forms up till now i.e. Form ITR 1 to ITR 7 for filing Income Tax Return for different types of income and different types of entities. It is important that every taxpayer should file his/her Income Tax Return on or before the specified due date. In this article, we have mentioned all the Important ITR Filing Due dates for individuals, companies, LLPs, Firms, and HUFs for the FY 2021-22 (AY 2022-23)
An Income Tax Return or ITR as we may call it is a form in which all the taxpayers have to declare their taxable incomes from all sources. Not only this but the taxpayer shall also have to mention all the eligible deductions and tax payments if any, in the IT Return Form. Filing of this form with the Income Tax Department is called ITR Filing or Income Tax Return filing. Irrespective of the Accounting Year adopted by a taxpayer, he/she needs to file an Income Tax Return for a particular Financial Year (i.e. April to March).

ITR1 can be filed by individuals having a total income up to Rs 50 lakh. The source of such income can include salaries, income from one house property and other sources such as interest income, dividends, etc. and agricultural income up to Rs 5,000.

An individual will not be eligible to file ITR-1 if he/she is a director of a company or has invested in unlisted equity shares or income tax on ESOPs is deferred or where TDS has been deducted under section 194N of the Income-tax Act, 1961. TDS under section 194N is deducted on cash withdrawal from bank accounts exceeding a specified limit.

individuals filing tax returns using ITR-1 will be required to provide a break up of their salary details such as salary, perquisite, allowances exempt under section 10 (such as HRA, LTA etc. in case they have opted for old tax regime) etc.

ITR-2 if they have capital gains from the sale of assets such as mutual funds, stocks etc. or have more than one house property. However, they will not be able to use ITR-2 if they have profits and gains from business or profession. Though there is no major change in the ITR-2 form. This year too, individuals will be required to provide additional details of their employer. These include the nature of the employer and the complete address of the employer.

“The ITR 2 form has been modified to capture additional information. With respect to stock option benefits provided by eligible startups, the trigger for taxation is deferred to the point of sale. A separate schedule has now been introduced to capture details of such deferment. Interest accrued on PF contributions beyond specified limits is taxable. The tax rerun forms seek to capture details of such interest accrued as well”
ITR-3 will be applicable for individuals and HUFs having income from profits and gains of business or profession except those eligible for ITR-4.

ITR-4, also known as SUGAM, is applicable for individuals and HUFs (Hindu Undivided Family) (other than LLP) having total income up to Rs 50 lakh and having income from business and profession. The income from business and profession is computed under sections 44AD, 44ADA, or 44AE. This is not for an individual who is either director in a company or has invested in unlisted equity shares or if income tax is deferred on ESOP or has agriculture income of more than Rs 5,000.
ITR-5 is for persons other than individuals, HUFs, companies or persons filing ITR-7.
ITR-6 is for companies other than those claiming exemption under section 11 of the Income-tax Act.

ITR-7 has been notified by the government on April 1, 2022. As per the notified tax return form, ITR-7 is applicable for persons including companies required to furnish return under sections 139(4A), 139(4B), 139(4C) or 139(4D)

I. Due dates for ITR FIling for Companies (Private Limited Companies & OPCs) for FY 2021-22 (AY 2022-23)

For the Companies that do not require an Audit the due date for ITR Filing for FY 2021-22 is 31st July, 2022.
The due date for ITR filing for FY 2021-22 (AY 2022-23) for the companies that require audit is 31st October 2022.
The due date for the Tax Audit Report filing is 31st September 2022.

II. ITR filing for Limited Liability Partnership

It is mandatory for every Limited Liability Partnership (LLP) to file an Income Tax Report irrespective of the amount of income or loss in a particular Financial Year in Form ITR 5.

III. Income Tax return for Firms and HUF

Partnership Firms, Sole Proprietorship Firms, and HUFs having total income of up to 50 lakhs and having income from the business and profession which is computed under section 44AD, 44DA, or 44AE needs to file their Income Tax Return in Form ITR 4.
The Hindu Undivided Families (HUFs) also need to file Form ITR 3 and ITR 2 for having and not having income from the profit and gains from the business or profession respectively.

IV. ITR Filing for Private Limited Company and One Person Company

It is mandatory for every company to file their Income Tax Return irrespective of the amount of income or loss in Form ITR 6 every year.

However, companies claiming exemption under section 11 are not required to file an Income tax return.

Also, all the companies are required to file Income Tax Return in Form ITR 7 Under section 139(4A) or 139(4B) or 139 (4C) or 139 (4D).