Income Tax Return For AY 2023-24: The Income Tax Department has released online ITR-1 and ITR-4 forms for filing income tax returns online for the financial year 2022-23 and assessment year 2023-24. Such taxpayers who have to file income tax return online through ITR-1 and ITR-4 can now file income tax return after the online form is activated.
Giving this information on the e-filing website, the Income Tax Department said that online ITR-1 and ITR-4 have been enabled for filing income tax returns for the assessment year 2023-24. This is prefilled data in the online form. In which according to Form-16, salary, income from interest earned from savings account and interest income received through fixed deposits are included. The online form is different from the excel utility form. Taxpayers have to download the excel utility form. After that, after filling necessary information in it, it has to be uploaded on the e-filing website.
Online income tax return form is considered very easy to file ITR as compared to excel utility form. The information given in this has to be matched with the information given in the Annual Information Statement (AIS) along with Form-16, so that it can be found that the information that the taxpayer is sharing with the tax department is correct or not.
Through ITR-1, those taxpayers whose annual income is up to Rs 50 lakh, which includes salary income, a house property and other sources like interest and agricultural income up to Rs 5 thousand, will fill the return. Through ITR Form 4, Individuals and HUFs (Hindu Undivided Families) and firms (except LLPs) whose income from business and profession is up to Rs 50 lakh can file income tax returns. This income should be from business or any profession under 44AD, 44DA and 44AE and agricultural income should not exceed Rs 5000.
Salaried people need Form-16 to file income tax return, which is issued by companies in the month of June. By the way, the last date for issuing Form-16 is June 15. By July 31, 2023, taxpayers can file income tax returns for the assessment year 2023-24. In the second week of February this year itself, the CBDT had notified the new income tax return form for the financial year 2022-23 and assessment year 2023-24.
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