The Central Board of Direct Taxes (CBDT) has notified ITR Forms 1 to 5 for Assessment years 2022-23.
ITR-1 is a return filing form applicable to the individual who derives 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.
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 as below: 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.
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