DelhiDesk Income taxpayers can now file their returns for AY 2023-24 through Income Tax Return (ITR) forms ITR-1 and ITR-4 on the e-filing portal, according to the income tax website. ITR-1 is to be used by a significant majority of taxpayers who are residents of India for tax purposes and whose taxable income does not exceed fifty lakhs, while ITR-4 can be used by individuals, HUFs, and firms with total income up to 50 lakh and income from businesses and professions computed u/s 44AD, 44ADA, 44AE of IT Act. Taxpayers can file income tax returns either directly on the e-filing portal or through offline mode. The last date for filing ITR for salaried individuals and taxpayers whose accounts are not required to be audited is July 31, 2023.
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👉 Income taxpayers can file returns for AY 2023-24 through ITR Forms ITR-1 and ITR-4 on the e-filing portal.
👉 ITR-1 and ITR-4 are enabled for filing in online mode with prefilled data.
👉 Excel utilities for ITR 1, 2 & 4 had already been enabled earlier.
👉 Taxpayers will be informed when software/utilities for other ITRs/Forms are enabled.
👉 ITR-1 is used by a majority of taxpayers, but non-residents and those with taxable income over 50 lakhs cannot use it.
👉 ITR-4, also known as Sugam, can be used by individuals, HUFs, and firms with income up to 50 lakhs and income from businesses/professions under specific sections.
👉 Taxpayers can file ITRs online or offline.
👉 To file ITR-1 or ITR-4 online, login to the e-filing portal, select the applicable form, fill out all fields, and choose a verification option before submission.
👉 The last date for filing ITR for salaried individuals and taxpayers with no audit requirements is July 31, 2023.
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