Following the release of the Excel utility for ITR 1 and 4 on April 25, 2023, the income tax department has now made the online forms available for ITR-1 and 4. According to the income tax website, individuals can now access and fill out the Income-tax Returns Form ITR 1 and ITR 4 online, with the convenience of pre-filled data.
Unlike the Excel utility, where taxpayers have to download and manually fill in the form before uploading it, the online ITR forms on the e-filing website already contain pre-filled data. The pre-filled data includes information such as income from salary (as mentioned in Form 16), interest income from savings accounts, fixed deposits, and more.
ITR-1 applies to individuals whose total income in a financial year is not more than Rs 50 lakh and whose sources of income are not capital gains or income from business and profession.
Individuals with income from salary, one house property, and income from other sources can use the ITR-1 form to file their returns. Whereas ITR-4 applies to those, who opt for the presumptive taxation scheme.
The availability of online ITR forms simplifies the process of filing income tax returns for individuals. They only need to cross-check the data in the online form with their own documents. It is essential to verify this information with the Annual Information Statement (AIS) and Form 26AS to ensure that it matches the data held by the income tax department.
Currently, individuals will file income tax returns for the Financial Year 2022-23 (Assessment Year 2023-24). The deadline for filing ITR for salaried individuals and taxpayers not requiring audit is July 31, 2023, unless the government extends the date.
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