New income tax forms are out for new assessment year 2022-23

The Central Board of Direct Taxes (CBDT) has notified the new ITR forms—ITR-1 to ITR-6—for Assessment Year 2022-23 to file return of income for Financial Year 2021-22.The Central Board of Direct Taxes (CBDT) has notified new Income Tax Return (ITR) forms for the assessment year 2022-23 to file return of income for the financial year 2021-22. While financial year starts from April 1 and ends on March 31, an assessment year is the year that immediately follows the financial year (FY) in which the income was earned. CBDT has so far notified the new ITR forms, from ITR Form 1 to ITR Form 6. Largely all the ITR forms have been kept unchanged from the last year, except few small changes. “This timely notification will provide enough time for assesses to collate the information required to be disclosed for the year starting April 1. This also ensures that tax authorities have enough time to develop utility for the ITR forms, ensuring no last-minute glitches,” said Neha Malhotra, Director, Nangia Andersen LLP. Let’s read which ITR form is applicable to you and changes to consider.