The IT department earlier used to notify ITR forms for the relevant financial year either by March or April.ĬBDT has also made certain changes in ITR-1 form with regard to disclosure under Section 139 (1), which is filed voluntarily by persons having annual taxable income of less than Rs 2.5 lakh. This year, CBDT has notified ITR forms 1-6, as well ITR-V (verification form) and ITR acknowledgement form in advance, a move that will give taxpayers enough time to prepare for relevant disclosures. However, there are no substantial changes in the six income tax return forms catering to individuals, professionals and businesses, notified by the Central Board of Direct Taxes (CBDT) on February 10. The finance ministry has allowed individuals against whom search and seizure operations were carried out by the IT authorities to file revised income tax return in ITR-1 form for assessment year(AY) 2023-24. In addition to this, filing an ITR is also a legal requirement if your total income exceeds the basic exemption limit or if you have certain types of income, such as capital gains or foreign income. The purpose of filing an ITR is to calculate your tax liability for the year and to pay any additional tax that may be due, or to claim a refund if you have paid more tax than you are required to. The process of filing an ITR is known as income tax filing.
An income tax return (ITR) is a document that you file with the Indian tax department to report your income, deductions, and taxes paid for a particular financial year.
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