Income Tax dept launches offline utility for ITR 1, 4

The Income Tax Department has launched the offline utility for taxpayers submitting ITR – 1 and 4 for 2020-21 fiscal yr.

As per the web e-filing portal, “the user can now download and fill the offline utility for ITR 1 & 4 (AY 2021-22)” It additionally acknowledged that the utility for different ITRs will likely be enabled shortly.

The offline utility is out there on the e-filing portal and relies on new know-how “JSON” (JavaScript Object Notation), which is a lightweight weight format for storing information.

The offline utility may be downloaded on computer systems with working system Windows 7 or later variations.

“This Offline Utility is enabled just for ITR-1 and ITR-4. Other ITRs will likely be added within the utility in subsequent releases,” the division stated, whereas releasing the step-by-step information for its submitting.

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are easier types that cater to numerous small and medium taxpayers. Sahaj may be filed by a person having earnings as much as ₹50 lakh and who receives earnings from wage, one home property / different sources (curiosity and so forth).

ITR-4 may be filed by people, Hindu Undivided Families (HUFs) and corporations with whole earnings as much as ₹50 lakh and having earnings from enterprise and career.

I-T return filers can import and pre-fill the info from e-filing portal and can even fill the remaining information. Since the ability to add ITR on the e-filing portal is just not but enabled, filers can fill and save the offline utility.

“Once submitting is enabled, you may add the identical at e-filing portal,” the I-T division added.

Through the offline utility, taxpayers shall must obtain the pre-filled information from the earnings tax e-filing portal and import the identical on the brand new utility, which permits customers to edit and save returns, pre-filled information and profile information.

Nangia Andersen India Director Neha Malhotra informed information company PTI , the brand new utility is a user-friendly performance for submitting of returns and can afford larger ease to the taxpayers.

“The utility itself gives assist in the type of FAQs, steerage notes, circulars and provisions of the legislation in order to allow hassle-free return submitting. The authorities’s efforts, to construct a beneficial tax regime for taxpayers can’t be disregarded. Augmenting simplicity and eradicating impediments will go a good distance in rising compliance and facilitating good governance,” Malhotra added.

Last week, the I-T division had notified types for submitting tax returns for 2020-21.

Earlier, the earnings tax division notified tax types ITR 1 to ITR 7 for evaluation yr 2021-22. Due to the pandemic, it didn’t introduce any important modifications within the types. However, there are a couple of modifications that try to be conscious of in ITR 1 and 4. Officials have added two extra circumstances beneath which taxpayers can’t file these types.

As per the newly notified types, an individual whose tax has been deferred in respect of ESOPs allotted by an eligible startup can’t file ITR 1 or 4. Now, the worker needn’t pay tax on exercising the choice, i.e. when he/she converts the ESOPs into shares.

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