ITR Filing Form Released: Big news for Taxpayers! Online release of ITR form for taxpayers, file return on e-filing website

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The date for filing income tax return is coming closer. For the financial year 2022-23, the Income Tax Department had issued Form-1 and Form-4 for offline on 25 April for the convenience of taxpayers. Now the Central Board of Direct Taxes has released both these forms online as well. This means that taxpayers can file ITR online through these forms.

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Issuing a notification, the Income Tax Department said that

online forms have been enabled for ITR-1 and 4 for the financial year 2022-23 and assessment year 2023-24. Income tax return forms ITR-1 and ITR-4 are available on the portal in online mode with prefilled data, according to the Income Tax website. Explain that the online ITR form available on the e-filing website is pre-filled with data such as salary income (Form-16), interest income from savings account. Comes with FD etc.

For whom ITR Form-1

ITR-1 is applicable to those individuals whose total income does not exceed Rs 50 lakh in a financial year. Apart from this, the source of his income should not be from capital gain, business income. If their income is from salary or from house property and other sources, then they can file ITR using ITR-1 form.

ITR Form-4 is for such taxpayers.

ITR-4 is applicable to persons earning income from their business and profession and their income is taxed on presumptive basis. Such taxpayers can file returns using ITR form ITR-4.

Difference between offline form and online form

Online forms are different from excel utility ie offline forms. Because in case of excel utility, taxpayer has to download the form later and fill the form with required information. After this it has to be uploaded on the e-filing website. At the same time, the online ITR form makes it easier to file income tax returns, as they only need to cross-check the data available in the online form with the documents available with them. Apart from this, it is also necessary to cross-check the details with the Annual Information Statement (AIS) and Form 26AS to match the income tax data.

What is the last date to file ITR?

The Central Board of Direct Taxes (CBDT) had issued the ITR form notification in February this year. Currently, income tax return is being filed for the financial year 2022-23 (AY 2023-24). The last date for filing ITR for salaried individuals and taxpayers whose accounts do not need to be audited is 31 July 2023.

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