By News Room
The date for filing income tax return is coming closer. The Income Tax Department had released Form-1 and Form-4 offline on April 25 for the convenience of taxpayers for the financial year 2022-23. Now the Central Board of Direct Taxes has released both these forms online as well. This means that taxpayers can file ITR online through these forms.
The Income Tax Department issued a notification saying that
Online Form for ITR-1 & 4 has been enabled for FY 2022-23 and AY 2023-24. Income tax return forms ITR-1 and ITR-4 are available on the portal in online mode with prefilled data, according to the income tax website. Explain that in the online ITR form available on the e-filing website, data like income from salary (Form-16), interest income from savings account are pre-filled. Comes with FD etc.
For whom ITR Form-1
ITR-1 is applicable to individuals whose total income does not exceed Rs 50 lakh in a financial year. Apart from this, his source of income should not be from capital gain, business income. If their income is from salary or from house property and other sources then they can file ITR using ITR-1 form.
ITR Form-4 is for such taxpayers.
ITR-4 is applicable to individuals earning income from their business and profession and their income is taxed on presumptive basis. Such taxpayers can file the return using ITR Form ITR-4.
Difference between offline form and online form
Online forms are different from excel utility ie offline forms. Because in case of excel utility, taxpayer has to download the form later and fill the form with required information. After this it has to be uploaded on the e-filing website. On the other hand, online ITR form makes it easier for income tax return filers as they only need to cross-check the data available in the online form with the documents available with them. Apart from this, it is also necessary to cross-check the details with the Annual Information Statement (AIS) and Form 26AS to match the income tax figures.
What is the last date to file ITR?
The Central Board of Direct Taxes (CBDT) had issued the ITR form notification in February this year. Right now the income tax return for the financial year 2022-23 (AY 2023-24) is being filed. For salaried individuals and taxpayers whose accounts are not required to be audited, the last date for filing ITR is 31 July 2023.
(pc rights of employees)
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