After releasing the Excel utility of income tax return (ITR) forms 1 and 4 on April 25, 2023, the income tax department has now enabled the online forms for ITR-1 and 4. As per the income tax website, “Income-tax Returns Form ITR 1 and ITR 4 are enabled at the portal in Online mode with prefilled data.”
The online ITR forms available on the e-filing website come with pre-filled data such as income from salary (as mentioned in Form 16), interest income from a savings account, fixed deposits etc. and so on
The online forms are different from the Excel utility, as in the latter the taxpayer is required to download the form, fill in the form with the required information and then upload the same on the e-filing website
The online ITR form makes it easier for individuals to file their income tax returns as they are just required to cross-check the data available in the online form with the documents that they have. Further, this information must be cross-checked with the Annual Information Statement (AIS) and Form 26AS as well. This is to ensure that the data available with the income tax department matches with what taxpayers have.
The ITR forms were notified by the Central Board of Direct Taxes (CBDT) in February this year. Currently, the income tax return is being filed for FY 2022-23 (AY 2023-24). The last date for filing ITR 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-1 is applicable to individuals whose total income does not exceed Rs50 lakh in a financial year. Further, their sources of income must not be capital gains and income from business and profession. One can file ITR using the ITR-1 form if they have income from salary, one house property and income from other sources.
ITR-4 is applicable to individuals earning income from their business and profession and their income is taxed on a presumptive basis.
Source By: economictimes
