By News Room
The Income Tax Department has released ITR 1 and ITR-4 offline forms for filing Income Tax Return (ITR) for the Financial Year 2022-23 (Age 2023-24). The Central Board of Direct Taxes (CBDT) had issued a notification regarding the form in February, now the forms have been issued.
The Income Tax Department has not yet enabled the online form for ITR. Now it has released Excel utility for ITR 1 and ITR-4. If a taxpayer wants to file ITR now, he will have to download the utility from the Income Tax e-filing portal. The last date to file ITR is 31 July 2023.
Excel utilities of ITR 1 and ITR 4 for Assessment Year 2023-24 are available for filing as per the e-filing Income Tax Portal. The Income Tax Department is yet to release the JSON utility for ITR-1 and ITR-4. Apart from this, the Income Tax Department has not yet issued other income tax return forms. This means that if a person wants to file ITR now, he will have to download the utility from the Income Tax e-filing portal.
After filling the information related to income and deduction in the utility form, it will be necessary to upload it on the income tax e-filing portal. Information for online ITR form is to be filled directly in the online form available on the e-filing income tax portal. Taxpayers must remember that after submitting the ITR form offline or online, it is mandatory to verify the same. Because, the Income Tax Department does not proceed to process the unverified ITR.
The Income Tax Department has issued offline forms for the convenience of taxpayers, but salaried taxpayers have to collect Form 16 from their employer to file ITR. The date for issue of Form 16 by the employer is 15 June 2023. The last date for filing ITR for taxpayers for FY 2022-23 or Assessment Year 2023-24 is 31 July 2023. given more time limit.
CBDT had issued notification of income tax return form in the beginning of February 2023. Usually this process is done in the month of April. There is no major change in the income tax return form this year. The only change in the ITR form is that it is mandatory for taxpayers to disclose information related to crypto and virtual digital asset transactions. Amendments to income tax laws made crypto and other virtual assets taxable from 1 April 2022. At the same time, crypto and virtual property taxation has also been announced.
(PC rights of employees)
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Source: ITR Forms Released: Form released to fill ITR for 2023-24, fill it like this before the deadline
