Additional requirements in form ITR-1 to ITR-5: CBDT

The Central Board of Direct Taxes has released a circular that states that the forms under ITR-1 to ITR-5 for the financial year 2023 would need additional information relating to overseas retirement benefits and interest accrual on provident fund deposits higher than Rs 2.5 lakh per year.

The majority of the taxpayers fall under ITR Form 1-Sahaj and ITR Form 4-Sugam. Individuals who have an income up to Rs 50 Lakh must now fill the ITR-1 Sahaj, in which the individual must disclose whether the overseas retirement is in a notified country,