New ITR Forms released for AY 2022-23 | What changed ?

This document covers

1. What's different this year ?
2. When to choose ITR-1
3. When to choose ITR-2
4. When to choose ITR-3
5. When to choose ITR-4

1. What's different this year ?

1. Salaries: Income from Retirement benefit account maintained in notified countries and other than notified countries should be disclosed under the head 'Salaries'
2. Foreign Assets: Foreign Assets values needs to be disclosed as on 31st December 2021 instead of March 2022. The word accounting year is replaced with Calendar year
3. Other Sources: Interest accrued on employee provident fund contributions in excess of Rs 2.5 Lakh needs to be disclosed separately under the heal "Income from Other Sources".
4. Residential Status: Residential Status is given in detailed manner to enable the tax payer to select the correct condition of his residential status
5. Disclosure of Old and New Tax Regime: The following disclosures are required to be made in ITR-3 and ITR-4.
1. Have you opted for new tax regime u/s 115BAC and filed form 10IE in AY 2021-22? Yes/No
2. Opting for Current year a. Opting in now b. Not Option c.Continue to Opt d. Opt Out
3. For other than not opting, please furnish Ack no and date of filing
6. Nature of Employment for Pensioners is further classified into Pensioners-CG, Pensioners- SG, Pensioners-PSU and Pensioners-Others
7. Family pension: Income from Retirement benefit account maintained in notified countries and other than notified countries should be disclosed under the head “Family Pension” under the head "Income from Other Sources"
8. Tax Deferred on ESOP: A new schedule for information related to tax deferred-relatable to income on perquisites referred in section 17(2) (vi) received from employer, being an eligible start-up referred in section 80-IAC
9. Section 89A was introduced in Budget 2021 to provide a relief from taxation on Income earned from foreign retirement benefit account, maintained in notified country. Starting from AY 2022-23 ITR, one need to include retirement benefit income and the notified country while filing taxes.
   
   Read more on the relief, examples and the consideration during tax filing.

2. Choose ITR-1

1. For Individuals being a resident (other than not ordinarily resident) having a total income up to Rs. 50 Lakh
2. having Income from Salaries, one house property (single ownership), interest income, Family pension income etc.
3. Agricultural income up to Rs. 5000/-
4. Not a Director in a company or has invested in unlisted equity shares or has any brought forward / carry forward loss under the head " from House Property".

3. Choose ITR-2

1. For Individuals, HUF being a resident, RNOR or NRI
2. Having Income above Rs 50 lakhs
3. Having Multiple Properties including the properties outside India
4. Agriculture Income of more than Rs 5000
5. Being a Director in a company or has invested in unlisted equity shares or has any brought forward / carry forward loss under the head "Income from House Property", "Income from Capital Gains".
6. Have sold a property or shares or mutual funds
7. Having Foreign Assets

4. Choose ITR-3

1. For Individuals, HUF being a resident, RNOR or NRI having Salary, House property, other sources, Foreign income, Capital Gain and Business or Professional Income
2. Having Income above Rs 50 lakhs
3. Having Multiple Properties including the properties outside India
4. Agriculture Income of more than Rs 5000
5. Being a Director in a company or has invested in unlisted equity shares or has any brought forward / carry forward loss under the head "Income from House Property", "Income from Capital Gains".
6. Have sold a property or shares or mutual funds
7. Having Foreign Assets
8. Being a Partner in a Firm/LLP

5. Choose ITR-4

1. For Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs.50 Lakh
2. having one house property (single ownership)
3. having income from business and profession which is computed under sections 44AD, 44ADA or 44AE or Interest Income, Family pension etc
4. Agricultural income up to Rs. 5000/-
5. Not a Director in a company or has invested in unlisted equity shares or has any brought forward / carry forward loss under the head "Income from House Property".