For the convenience of taxpayers, the income tax department has recently released ITR form-1 and form-4 with pre-filled data. The pre-released forms will enable taxpayers to file their income tax returns with ease and convenience.
“ITR 1 and 4 for AY 2023-24 are enabled for filing in online mode at the e-filing portal. Earlier, excel utilities for ITR 1, 2 and 4 for A.Y. 2023-24 had already been enabled. The software/utilities for preparing other ITRs/ Forms will be enabled shortly,” income tax department tweeted on May 23.
These forms were released on May 20. It is noteworthy to mention here that the last date to file income tax returns for financial year 2022-23 (assessment year 2023-24) is July 31 for the salaried class.
Let us understand how to file income tax returns on the e-filing portal and what these forms entail:
Form 1: ITR-1 (Sahaj) can be filed by a resident individual whose total income does not exceed ₹50 lakh during the financial year and who has income from salary, house property, family pension income, agricultural income and other sources which include interest from savings accounts.
It is vital to note that ITR-1 cannot be filed by an individual who has total income exceeding ₹50 lakh and income from lottery, racehorses and who has taxable capital gains (short term and long term) or who has invested in unlisted equity shares.
Form 4: ITR-4 (Sugam) can be filed by a resident individual/ HUF who has income not exceeding ₹50 lakh during the financial year, who has income from business and profession which is computed on a presumptive basis under section 44AD, 44ADA or 44AE, or who has income from salary/pension, one house property, agricultural income (up to ₹5,000).
Other sources include interest from savings accounts, interest from deposit (bank/ post office/ cooperative society), interest from income tax refund.
And those who are not eligible for ITR-4 include residents whose total income exceeds ₹50 lakh, has agricultural income in excess of ₹5,000 and who is a director in a company, has income from more than one house property and has income from winnings from lottery, activity of owning and maintaining race horses.
To be able to find out which form is applicable to you, you need to first visit the e-filing portal.
Here you need to click the scroll down menu of individual/HUF. It shows all five options: salaried employees, business/profession, senior citizens, non-resident, Hindu Undivided Family (HUF).
As you click any of the options applicable, the system gives the option 'Return/forms applicable to me'.
To be able to use the services of income tax e-filing portal, you first need to be registered on the website. Else, you need to be first register there to be able to log in.
Then to be able to file income tax return, you need to click the slug at the top. Here there is an option of e-filing.
Some of the services one can use on the e-filing portal includefiling of income tax return (ITR), Updating the personal details and resolving a slew of queries, one can also use the chatbot on the portal.