CBDT notifies additional requirement in forms ITR-1 to ITR-5 for FY23

New Delhi, April 7 (KNN) The Central Board of Direct Taxes (CBDT) has notified the forms ITR-1 to ITR-5 for FY23 which will require income taxpayers to submit additional information pertaining to regard to overseas retirement benefits and interest accrual on provident fund deposits higher than Rs 2.5 lakh a year.

The large number of small and medium taxpayers fall under the ITR Form 1-Sahaj and ITR Form 4-Sugam.

Individuals having income upto Rs 50 lakh need to fill out the ITR-1 Sahaj and the assessee will have to disclose whether the overseas retirement fund is in a notified country.

The ITR-2 form must be filled by individuals having interest accrued in the provident fund on contributions exceeding Rs 2.5 lakh per annum.

Individuals, HUFs and firms with total income up to Rs 50 lakh and having income from business and profession must fill the ITR-4 form.

People having income as profits from business/ profession must fill out the ITR-3 form.

The ITR-5 is filed by Limited Liability Partnership (LLPs) and for persons other than individual, HUF,  company and  person filing Form ITR-7, as per CBDT.

In view of taxation on Cryptocurrency, some changes have been introduced in the forms.

It includes a column for relief to be claimed under section 89A for retirement account maintained overseas by Indian residents as well as a separate column with respect to the dividend received by FIIs. (KNN Bureau)