The income tax (IT) department has released the offline ITR-1 and ITR-4 forms for filing an income tax return (ITR) for the financial year (FY) 2022-23 (assessment year (AY) 2023-24).
Individuals earning an income of up to Rs 50 lakh are required to file an ITR-1 form. Similarly, Hindu Undivided Families (HUF), and firms earning from businesses are required to file ITR-4 form.
At the moment, the Excel utilities of ITR-1 and ITR-4 are available for filing. However, the online forms for ITR forms is still to be enabled by the tax department. In addition, the tax department is yet to release the forms for other income tax returns
In February 2023, the statutory body Central Board of Direct Taxes (CBDT) had notified about the release of forms.
A person who wants to file ITR for the moment is required to download the utility from the official income tax e-filing portal: https://www.incometax.gov.in/iec/foportal.
After the income and deduction-related information is duly filed in the utility form, an individual is required to upload it on the income tax e-filing portal.
In the case of online e-filing mode, an individual is required to key in the information directly on the online form available on the e-filing income tax portal.
The verification of the ITR form is to be conducted by the individual after submission of the ITR form, both in offline and online modes. The income tax department will not process the form in case if a taxpayer fails to verify it.
Salaried individuals are required to seek Form-16 from their respective employers in order to file the ITR form with ease.
An employer is required to issue Form-16 before the due date, which is June 15, 2023. Individual taxpayers whose accounts are not required to be audited need to file ITR on or before the last on July 31, 2023, for FY 2022-23 (AY 2023-24).
Rajiv is an independent editorial consultant for the last decade. Prior to this, he worked as a full-time journalist associated with various prominent print media houses. In his spare time, he loves to paint on canvas.