Income Tax Return For AY 2023-24: The Income Tax Department has issued ITR 1 and ITR 4 for the assessment year 2023-24.
The Income Tax Department is yet to issue online ITR forms, but it has released offline ITR-1 and ITR-4 forms for filing Income Tax Return ( ITR ) for Assessment Year 2023-24 and Financial Year 2022-23. The offline ITR-1 and ITR-4 forms have come after the Central Board of Direct Taxes ( CBDT ) notified them in February.
As per the Income Tax Department’s website, “Excel utility of ITR 1 and ITR 4 for Assessment Year 2023-24 are available for filing.”
ITR 1 is for those whose total income is up to Rs 50 lakh. This includes income from salary, one house property, other sources (interest etc.) and agricultural income up to Rs.5,000.
ITR 4 is for single individuals, HUFs and firms (other than LLPs) with total income up to Rs 50 lakh. This includes income from business and profession. Its calculation is done under section 44AD, 44ADA or 44AE and agricultural income up to Rs 5,000.
In the offline mode, taxpayers will have to download the relevant form, fill it and then upload it on the income tax portal. However, in the online form, taxpayers can directly fill in information about their income on the income tax portal and submit it. In both the modes, taxpayers have to verify the forms.
Salary class taxpayers need Form 16 issued by their employers to file their ITR easily. The last date for issuing Form 16 for employers is June 15, and the last date for filing ITR for taxpayers whose accounts are not required to be audited is July 31, 2023, for AY2023-24 or FY2022-23 .