Income tax payers can now file their returns for AY 2023-24 through Income Tax Return (ITR) Forms ITR-1 and ITR-4 on the e-filing portal. “Income tax return forms ITR 1 and ITR 4 are enabled on the portal in online mode with pre-filled data,” the income tax website said.
“ITR 1 and 4 for AY 2023-24 have been enabled for filing in online mode on the e-filing portal. Earlier, Excel utilities have already been enabled for ITR 1, 2 and 4 for AY 2023-24. Software/utilities for preparation of other ITR/Forms will be enabled shortly. Income Tax India tweeted that information related to this will be made available to taxpayers on the e-filing portal.
Among all the available ITR forms, ITR-1 and ITR-4 are the most commonly used ITR forms.
Form ITR 1 popularly known as Sahaj is used by a significant majority of taxpayers. ITR 1 can be used only by an individual taxpayer who is a resident of India for tax purposes. Hence all non-resident and ordinarily resident individuals cannot use this form under the tax laws. Similarly, any person whose taxable income does not exceed fifty lakhs can use ITR 1 provided he has no income under the heads “Capital gains” and “Profits and gains of business or profession”.
Who can file ITR 4?
ITR-4 form, also known as Sugam, can be used by individuals, HUFs, firms (other than Limited Liability Partnership firms) whose total income 50 lakhs, and having income from businesses and professions which is computed under section 44AD, 44ADA, 44AE of the IT Act.
A taxpayer can file Income tax Returns either directly on the e-filing portal or through offline mode.
How to File ITR-1, ITR-4 Form Online
1) log in https://www.incometax.gov.in/iec/foportal/ Using PAN and Password
2) Click on the “e-File” menu.
3) Now click on the link “Income Tax Return”.
4) Select the submission mode as “Prepare and Submit Online”
5) Now, carefully fill all the applicable and mandatory fields of the ITR form
6) Now, choose the appropriate verification option in the “Tax Paid & Verification” tab and submit the form.
ITR forms were notified by the Central Board of Direct Taxes (CBDT) in February this year. Currently, income tax return is being filed for the financial year 2022-23 (AY 2023-24). The last date for filing ITR is July 31, 2023, for salaried individuals and taxpayers whose accounts are not required to be audited.
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