financetom
Personal Finance
financetom
/
Personal Finance
/
Income tax return filing | Online ITR 1, ITR 4 forms available now: Know who should use these
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Income tax return filing | Online ITR 1, ITR 4 forms available now: Know who should use these
May 24, 2023 5:32 AM

The income tax (I-T) department has enabled the online forms for ITR-1 and 4 with pre-filled data for the assessment year 2023-24. The software/utilities for preparing other ITRs/forms will be enabled shortly and information regarding the same will be made available to taxpayers on the e-filing portal, the department said in a tweet.

Live TV

Loading...

This comes days after the department released the Excel utility of income tax return (ITR) forms 1 and 4.

Online forms different from Excel utilities

The online forms are different from the Excel utility, as in the latter the taxpayer was required to download the form, fill it and then upload the same on the e-filing website. The online form comes with pre-filled data, incorporating information from sources such as Form-16, salary details, interest income from savings accounts, and fixed deposit interest earnings.

Excel utilities, on the other hand, are tools that taxpayers can use to enter their income and other details required for filing their ITRs.

ITR filing and last date

In February this year, the Central Board of Direct Taxes (CBDT) notified the ITR forms. These forms can be used to file income tax returns (ITR) for FY 2022-23 (AY 2023-24).

The last date for salaried individuals and taxpayers whose accounts are not required to be audited is July 31, 2023 (unless the date is extended by the government).

ITR forms eligibility

ITR-1 (SAHAJ) can be used by an individual whose total income includes income from salary/pension, income from one house property (excluding cases where loss is brought forward from previous years); or income from other sources (interest etc.), and agricultural income up to Rs 5,000.

While ITR-2 is filed by people having income from residential property and having income above Rs 50 lakh, ITR-3 is filed by professionals. ITR-4, also known as Sugam, is available for Individuals, HUFs, and firms (other than LLP) being a resident having total income up to Rs 50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE under Income Tax Act. LLP or limited liability partnership is a partnership in which some or all partners have limited liabilities.

ITR-5 and ITR-6 are filed by LLPs and businesses.

The modification in ITR forms

As per the modified norms, individuals on whom search and seizure operations have been carried out by tax officials can now file revised returns under section 153 C on the basis of self-assessment of their undisclosed wealth in ITR-1.

CBDT has also made certain changes in the ITR-1 form with regard to disclosure under Section 139 (1), which is filed voluntarily by persons having annual taxable income of less than Rs 2.5 lakh. These individuals will not be required to intimate in their ITR forms even if their fixed deposits exceed Rs 1 crore.

ALSO READ | Income Tax Department releases offline ITR 2 form: Check eligibility

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
How to invest in bonds
How to invest in bonds
Oct 10, 2024
Bonds are generally considered an essential component of a diversified investment portfolio. They bring income to a portfolio, while typically carrying less risk than stocks. With the right approach, you can get as much yield as you would typically get from certificates of deposit (CDs) or savings accounts (and often more), though you may have to endure the fluctuation of...
Salaries for top-earning majors may start below U.S. median. Here's what Gen Z can expect
Salaries for top-earning majors may start below U.S. median. Here's what Gen Z can expect
Oct 7, 2024
Key insights While median salaries for top-earning majors ranged from $100,000 and $115,000, Gen Z salaries within those majors ranged from $29,600 and $65,000. Salaries in every major increased in the mid-20s to late-30s age group. The advent of student loan repayment can cause financial strain for Gen Z, but there are repayment options. Bankrate's College Major Study found the...
5 reasons to get a money market account
5 reasons to get a money market account
Oct 9, 2024
Key takeaways Money market accounts may offer competitive interest rates and easy access to your funds. You can often write checks and make ATM withdrawals with some money market accounts, providing flexibility. Some money market accounts may require higher minimum balances to avoid fees or earn top rates. Earning a competitive yield, having easy access to your money and safety...
Are money market accounts safe? Here's what you should know
Are money market accounts safe? Here's what you should know
Oct 7, 2024
Key takeaways Money market accounts, or MMAs, are safe because they are deposit accounts, not investment accounts. MMAs are usually protected by the maximum insurance limit through FDIC or NCUA. MMAs are best described as a hybrid between a savings and checking account, offering interest earnings along with cash accessibility features. If you're looking for a safe place to park...
Copyright 2023-2026 - www.financetom.com All Rights Reserved