The Central Board of Direct Taxes (CBDT) vide Notification No. 5/2023 in G.S.R 95(E) dated 14-02-2023 by Income-tax (Second Amendment) Rules, 2023 has notified the Income Tax Return Forms (ITR Forms) ITR-7 for the Assessment Year (AY) 2023-24 relevant to the financial year (FY) 2022-23.
Earlier, vide Notification No. 4/2023 dated 10.02.2022, CBDT has notified ITR Forms SAHAJ ITR-1, ITR-2, ITR-3, SUGAM ITR4, ITR-5, ITR-6, ITR-V and ITR- Ack for the Assessment Year 2023-24.
With this, CBDT notifies the ITR form in ITR-7 for AY 2023-24 well in advance to enable the filing of returns from the beginning of the ensuing assessment year.
The notified ITR forms do not contain any major amendments or changes compared to the preceding year. However, substantial amendments are introduced to incorporate the changes or amendments made by the Finance Act, 2022.
ITR Form 7 is applicable for persons including companies required to furnish returns under sections 139(4A) or 139(4B) or 139(4C) or 139(4D). The Charitable Company incorporated under section 25 of the Companies Act, 1956 or under section 8 of the Companies Act, 2013 shall use ITR 7 and not ITR-6.
Who can and cannot file ITR-7 as per Rule 12
Rule 12(1)(g) prescribes the conditions for filing the return of income in ITR-7 for the AY 2023-24.
Though ITR forms for the AY are notified, no utility on the e-filing portal is yet given for the online filing of the return.
Read the full text of Notification No. 5/2023 dated 14.02.2023 on New ITR-7 for AY 2023-24
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 14th February, 2023
G.S.R. 95(E).-In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. Short title and commencement.—(1) These rules may be called the Income-tax (Second Amendment) Rules, 2023.
(2) They shall come into force with effect from the 1st day of April, 2023.
2. In the Income-tax Rules, 1962, in Appendix-II, for Form ITR-7, the following Form shall be substituted, namely:—
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[Notification No. 05/2023/F.No. 370142/2/2023-TPL]
P. AMRUTHA VARSHINI, Under Secy.
Note:- The principal rules were published vide notification S.O. 969(E), dated the 26th March, 1962 and last amended vide notification G.S.R. 91(E), dated the 10th February, 2023.
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