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 .

The post Income Tax Return For AY 2023-24: Income Tax Department issued offline forms ITR 1 and ITR 4 first appeared on Rightsofemployees.com.

At the same time, many people are also saying that the income tax rates and slabs which were applicable in the assessment year 2022-23, can remain applicable in the new assessment year (AY 2023-24) as well.

Let us tell you that at present two tax systems are in force in the country. You can choose any of these according to your convenience. Now it has to be seen what changes will happen next year.

Income Tax Slabs and Rates 2023 (New Regime)

On annual income up to Rs 2.5 lakh: Zero On annual income
up to Rs 2.5-5 lakh: 5% On
annual income up to Rs 5-7.5 lakh: 10%
7.50-10 lakh Annual income up to Rs.15 lakhs: 15%
Annual income up to Rs.10-12.5 lakhs: 20%
Annual income up to Rs.12.5-15 lakhs: 25% Annual income up to Rs.15-20 lakhs
: 30%
20 lakhs On annual income above Rs.: 30%

Income Tax Slabs and Rates 2023 (Old Regime)

On annual income up to Rs 2.5 lakh: Zero On annual income
up to Rs 2.5-5 lakh: 5% On
annual income up to Rs 5-10 lakh: 20%
10-20 lakh Annual income up to Rs. 30%
Annual income above Rs. 20 lakhs: 30%

Changes in income tax rates and slabs expected in Budget 2023

Several tax experts and industry bodies have urged the government to revise income tax rates in certain slabs to provide relief to taxpayers. The tax rate for individuals has not been changed since FY 2017-18 (new tax regime in FY 2020-21). Experts are expecting that to give some relief to the employed taxpayers, the top tax rate of 30 per cent should be reduced to 25 per cent and the top tax limit should be increased from Rs 10 lakh to Rs 20 lakh.

Tapti Ghosh, partner, Deloitte India, expects from the budget:

Income Tax Rates (Old Regime)
Annual income up to Rs 2.5 lakh: Nil Annual income
up to Rs 2.5-5 lakh: 5% Annual income
up to Rs 5-10 lakh: 20%
Annual income up to Rs 10-20 lakh: 20%
Annual income above Rs 20 lakh: 25%

Income Tax Rates 2023 (New Regime)

Annual income up to Rs 2.5 lakh: Nil Annual income
up to Rs 2.5-5 lakh: 5% Annual income up to Rs 5-7.5 lakh
: 10%
Annual income up to Rs 7.50-10 lakh : 15%
Annual income up to Rs 10-12.5 lakhs: 20% Annual income
up to Rs 12.5-15 lakhs: 20% Annual income
up to Rs 15-20 lakhs: 20%
Annual income above Rs 20 lakhs: 25%

The post Income Tax Rate and Slab 2023: What will be the tax rates and slabs for ITR filing in the new year? first appeared on Rightsofemployees.com.