Income tax return filing: ITR 1, 4 forms for FY 2022-23 now available online

The Income Tax Department has now made the online forms for ITR-1 and 4 available, following the release of the Excel utility for income tax return (ITR) forms 1 and 4 on 25 April. Individuals now have the option to conveniently access and complete the ITR 1 and ITR 4 forms online, with the added advantage of pre-filled data. ITR-1 form is suitable for individuals whose total income in a financial year is below Rs 50 lakh and who do not have capital gains or income from business and profession. Individuals who earn income from salary, own house property, and have income from other sources can use the ITR-1 form to file their income tax returns. ITR-4 form is intended for individuals who earn income from their business and profession and whose income is taxed on a presumptive basis. The income tax e-filing website ( https://www.incometax.gov.in/iec/foportal/) provides online ITR forms that include pre-filled data, including details such as salary income (as stated in Form 16), interest income from savings accounts, fixed deposits, and more. In contrast to the Excel utility, the online forms have a different process. With the Excel utility, taxpayers need to download the form, manually fill in the necessary information, and subsequently upload it on the e-filing website. Here Is a step-by-step guide on how to file ITR-1 and ITR-4 forms online:  Step 1: Visit the official website https://www.incometax.gov.in/iec/foportal/ and log in using your PAN and password. Step 2: Navigate to the “e-file” menu and click on it. Step 3: Locate and click on the “Income Tax return” link, then choose the submission mode as “Prepare and submit online”. Step 4: Carefully fill out all the relevant and mandatory fields of the ITR form, ensuring accuracy and completeness. Step 5: Proceed to the “Taxes paid and Verification” tab and select the appropriate verification option. Step 6: Once you have reviewed the form and verified the information, submit the form. In February this year, the Central Board of Direct Taxes (CBDT) issued the notification for the ITR forms. Currently, income tax returns are being filed for the financial year 2022-23 (assessment year 2023-24). The deadline for filing ITR for salaried individuals and non-auditable taxpayers is 31 July 2023, unless the government decides to extend the deadline. The availability of online ITR forms has simplified the process of filing income tax returns for individuals. They only need to verify the information provided in the online form with their supporting documents. It is important to cross-reference this data with the Annual Information Statement (AIS) and Form 26AS to ensure consistency between the taxpayer’s records and the information held by the income tax department. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.