Income tax return submitting: ITR-1, ITR-4 on-line submitting begins. Details proper right here

Income taxpayers can now file their returns for AY 2023-24 by the use of Income Tax Return (ITR) sorts ITR-1 and ITR-4 on the e-filing portal. “Income-tax Returns Form ITR 1 and ITR 4 are enabled on the portal in Online mode with prefilled data,” acknowledged the income tax web page.

“ITR 1 and 4 for A.Y. 2023-24 are enabled for submitting in on-line mode on the e-filing portal. Earlier, excel utilities for ITR 1, 2 & 4 for A.Y. 2023-24 had already been enabled. The software program program/utilities for preparing completely different ITRs/ Forms will seemingly be enabled shortly. Information regarding the an identical will seemingly be made accessible to taxpayers on the e-filing portal,” Income Tax India tweeted.

Dear @shubhamrkrock,
ITR 1 and 4 for A.Y. 2023-24 are enabled for submitting in on-line mode at e-filing portal. Earlier, excel utilities for ITR 1, 2 & 4 for A.Y. 2023-24 had already been enabled. The software program program/utilities for preparing completely different ITRs/ Forms will seemingly be enabled shortly.…

— Income Tax India (@IncomeTaxIndia) May 23, 2023

Among all the accessible ITR Forms, ITR-1 and ITR-4 are basically probably the most typically used ITR sorts

Form ITR 1 which is popularly commonly known as Sahaj is to be used by an enormous majority of taxpayers.  ITR 1 can solely be utilized by an individual taxpayer who’s a resident of India for tax features. So all the non-resident and by no means extraordinary resident Individuals beneath tax authorized tips cannot use this sort. Likewise, any particular person whose taxable income would not exceed fifty lakhs can use ITR 1 supplied he would not have any income beneath the highest “Capital optimistic elements” and “Profits and gains of business or profession”.

Who can file ITR 4?

The ITR-4 kind, additionally known as Sugam, could be utilized by individuals, HUFs, corporations (apart from Limited Liability Partnership corporations), having complete income as a lot as ₹50 lakh, and having income from corporations and professions which is computed u/s 44AD, 44ADA, 44AE of IT Act.

A taxpayer can file income tax returns each immediately on the e-filing portal or by the use of offline mode. 

How to file ITR-1, ITR-4 sorts on-line

1) log in to https://www.incometax.gov.in/iec/foportal/ using PAN and password

2) Click on the“e-file” menu. 

3) Now click on the “Income Tax return” hyperlink.

4) Select the submission mode as “Prepare and submit on-line”

5)Now,  carefully fill out all the applicable and mandatory fields of the ITR form

6) Now, choose the appropriate verification option in the “Taxes paid and Verification” tab and submit the form.

The ITR sorts had been notified by the Central Board of Direct Taxes (CBDT) in February this 12 months. Currently, the income tax return is being filed for FY 2022-23 (AY 2023-24). The remaining date for submitting ITR for salaried individuals and taxpayers whose accounts mustn’t required to be audited is July 31, 2023

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