Income Tax Return filing: ITR 1, ITR 4 offline forms available now

The Income Tax department has recently made available the offline forms for ITR-1 and ITR-4, which can be used to file Income Tax Returns (ITR) for the financial year (FY) 2022-23. ITR-1 is suitable for individuals with a yearly income of up to Rs 50 lakh, while ITR-4 can be used by individuals, Hindu Undivided Families (HUFs), and businesses that earn income from their operations. Taxpayers are now able to access and download the ITR-1 and ITR-4 forms from the Income Tax Department’s website. After obtaining a hard copy of the forms, taxpayers can manually complete them and submit them in person. Alternatively, taxpayers can opt to submit their forms online by entering their income and deduction-related information and uploading it onto the income tax e-filing portal. Back in February this year, the Income Tax Department had already released ITR forms for the 2022-23 fiscal year, which included forms for individuals, HUFs, businesses, and other entities. On 10 February, the Central Board of Direct Taxes (CBDT) released a circular stating that the ITR forms 1 to 6, the ITR-V (verification form), and the ITR acknowledgement form have been made available for the financial year 2022-23. Last year, such forms were announced in the first week of April. The Income Tax department is still expected to release the remaining income tax return forms. The e-filing income tax portal announced that the Excel utilities for ITR-1 and ITR-4 are ready for filing for the assessment year 2023-24. However, the JSON utility for ITR-1 and ITR-4 has not yet been released by the tax department. The term Excel utilities refer to specific tools made available to taxpayers to input their income and other relevant information needed for the purpose of filing their income tax returns. While the Income Tax Department has made the offline forms available, most salaried individuals require Form 16 from their employer to accurately complete their returns. Employers are required to provide Form 16 to their employees by 15 June. The financial year 2023-24 has commenced on 1 April 2023. Taxpayers are required to file their Income Tax Returns for the previous financial year by 31 July. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.