Even though the income tax department is yet to release the online ITR forms, it has released the offline ITR-1 and ITR-4 forms for filing the income tax return (ITR) for AY 2023-24 or financial year 2022-23. The offline ITR-1 and ITR-4 forms come after the Central Board of Direct Taxes (CBDT) notified the same in February.
“Excel utilities of ITR 1 and ITR 4 for AY 2023-24 are available for filing," according to the income tax department’s website.
ITR 1 is for resident individuals (other than those not ordinarily resident) having total income up to Rs 50 lakh, having income from salaries, one house property, other sources (interest etc.), and agricultural income up to Rs 5,000.
ITR 4 is for resident individuals, HUFs and firms (other than LLP) having total income up to Rs 50 lakh and having income from business and profession which is computed under Sections 44AD, 44ADA or 44AE and agricultural income up to Rs 5,000.
In the offline method, taxpayers are required to download the relevant form, fill it and then upload it on the department’s portal. However, in the online form, taxpayers can directly fill details about their incomes on the income tax portal and submit it. In both modes, the forms need to be verified by the taxpayers.
Salaried individuals need Form 16 issued by their employers to file their ITRs easily. The last date for employers to issue Form 16 is June 15, and the last date to file ITR for taxpayers whose accounts are not required to be audited is July 31, 2023, for AY2023-24 or FY2022-23.
There are two income tax regimes in the country — new and old. Under the old tax regime, income up to Rs 2.5 lakh in a year is exempt from tax for FY 2022-23, and other deductions are also available. However, under the new tax regime, income up to Rs 5 lakh a year was exempt in 2022-23 without any deductions.
The department has provided general instructions on its website for filing income tax returns.
General Instructions for Filling Income Tax Return Forms:
- Select the Assessment Year
- Download and extract the zip file containing the utilities to the folder and open the utility
- System Requirements: Windows OS; Architecture: ia32, x36; Windows 7 or later are supported (ia64, x64 systems binaries will run on ia32).
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