1. ITR-1 (Sahaj):
ITR-1 is a simplified form designed for individuals with income from salary, one house property, and other sources like interest. For AY 2023-24, ITR-1 includes new sections to report information related to:
a) Dividend income exceeding Rs. 5,000
b) Interest income from savings accounts exceeding Rs. 10,000
c) Profit or loss from derivatives trading, futures, and options
d) Details of directors/partners of firms
2. ITR-2:
ITR-2 is applicable to individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. Key changes in ITR-2 for AY 2023-24 include:
a) Reporting of dividend income exceeding Rs. 5,000
b) Separate disclosure of short-term and long-term capital gains
c) Reporting of income from the sale of property and securities
d) Disclosure of foreign assets and income from any source outside India
3. ITR-3:
ITR-3 is applicable to individuals and HUFs having income from business or profession. Notable changes in ITR-3 for AY 2023-24 include:
a) Separate reporting of remuneration and interest received from the firm
b) Disclosure of dividend income exceeding Rs. 5,000
c) Reporting of presumptive income under section 44ADA, 44AD, or 44AE
d) Details of partners or directors of the firm
4. ITR-4 (Sugam):
ITR-4 is applicable to individuals, HUFs, and firms (other than LLPs) opting for the presumptive taxation scheme under sections 44AD, 44ADA, or 44AE. For AY 2023-24, ITR-4 includes the following changes:
a) Disclosure of dividend income exceeding Rs. 5,000
b) Reporting of interest income exceeding Rs. 10,000
c) Separate disclosure of short-term and long-term capital gains
d) Details of partners or directors of the firm
Conclusion:
As the income tax landscape evolves, it is essential for taxpayers to stay informed about the changes in ITR forms. The updated ITR-1 to ITR-4 for AY 2023-24 bring in additional reporting requirements, especially related to dividend income, interest income, and details of partners or directors. Filing the correct form based on your income sources is crucial to ensure compliance and avoid penalties. It is advisable to seek professional assistance or refer to the official guidelines provided by the Income Tax Department to accurately file your income tax returns for the respective assessment year.
Remember, timely and accurate filing of income tax returns is not only a legal obligation but also helps in maintaining a clean financial record and facilitates access to financial services in the future. Stay updated with the latest changes, consult experts if required, and fulfill your tax obligations responsibly.
