The Income Tax Department has written in the tweet that now ITR-1 and ITR-4 forms can also be filled in online mode. Prefilled data for the financial year 2024-25 i.e. assessment year 2025-26 has been made available for taxpayers. Let us tell you that this time the deadline for ITR filing is 15 September 2025. If you miss it, then you may have to pay a fine of ₹ 1000 on income less than ₹ 5 lakh and ₹ 5000 on income more than ₹ 5 lakh.

ITR-1 form has to be filed in case of income from salary, income from one house property (provided loss of previous years is not carried forward), income from other sources (except earnings from lottery and horse racing), long-term capital gains up to ₹ 1.25 lakh (provided capital loss of previous years is not carried forward).

ITR-1 cannot be filed in case of income more than ₹ 50 lakh, agricultural income more than ₹ 5000, long-term capital gains more than ₹ 1.25 lakh, income from business or profession, income from more than one house property, being a director in a company, investment in unlisted shares, having any property outside the country, having foreign income, any loss carried forward.

Who is ITR-4 form for?

Individuals, HUF and partnership firms have to file ITR-4 form if they have income from business or profession. Apart from this, if presumptive taxation on business income has been chosen under sections 44AE, 44ADA and 44ADA of Income Tax, 1961, then ITR-4 form has to be filed. However, if the total income is more than ₹ 50 lakh, income from more than one house property, property abroad, foreign income, directorship in a company, investment in unlisted shares, any loss carry forward, then ITR-4 form cannot be filed.

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Last month, CBDT notified ITR-1 and ITR-4 forms. Let us tell you that online ITR forms were not issued by the Income Tax Department. At present only Excel utility has been released for ITR-1, ITR-2 and ITR-4.

No significant change in ITR form

In such a situation, if a person wants to file his ITR immediately, then he will have to download the tool from the Income Tax e-filing website. After filling the utility form with information related to income and tax rebate, it has to be uploaded on the income tax e-filing platform. Let us tell you that this year no special changes have been made in the ITR form.

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Information about virtual currency will also have to be given

An important change in the ITR form is that you will have to give information about virtual currency and digital asset. When you submit offline or online ITR form, keep in mind that it needs to be verified. If the ITR is not verified by the taxpayer, it will not be processed by the Income Tax Department.

Who can fill ITR-2

If your annual income is Rs 50 lakh or more then you should fill ITR-2 form. Under this, more than one residential property, capital gain or loss received on investment, dividend income of more than 10 lakhs and income from agriculture will have to be disclosed. Apart from this, if you have earned as interest from PF, then this form will also be filled.

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The Income Tax Department has not yet enabled the online form for ITR. For now it has released Excel utility for ITR 1 and ITR-4. If a taxpayer wants to file ITR now, then he will have to download the utility from the Income Tax e-filing portal. The last date for filing ITR is 31 July 2023.

Excel utilities of ITR 1 and ITR 4 for assessment year 2023-24 are available for filing as per the e-filing income tax portal. The Income Tax Department is yet to release the JSON utility for ITR-1 and ITR-4. Apart from this, the Income Tax Department has not yet issued other income tax return forms. This means that if a person wants to file ITR now, he will have to download the utility from the Income Tax e-filing portal.

Once the information related to income and deduction is filled in the utility form, it will be necessary to upload it on the income tax e-filing portal. For online ITR form, information has to be filled directly in the online form available on the e-filing income tax portal. Taxpayers should remember that after submitting the ITR form offline or online, it is mandatory to verify it. Because, the Income Tax Department does not proceed to process the unverified ITR.

For the convenience of taxpayers, the Income Tax Department has issued offline forms, but salaried taxpayers will have to take Form 16 from their employer to file ITR. The date for issue of Form 16 by the employer is 15 June 2023. The last date for filing ITR to taxpayers for FY 2022-23 or Assessment Year 2023-24 is 31 July 2023. However, taxpayers whose accounts need to be audited will be given more time limit.

CBDT had issued notification of income tax return form in the beginning of February 2023. Usually this process is done in the month of April. There is no major change in the income tax return form this year. The only change in the ITR form is that it is mandatory for taxpayers to disclose information relating to crypto and virtual digital asset transactions. Amendment in income tax laws made crypto and other virtual assets taxable from 1 April 2022. At the same time, crypto and virtual property taxation has also been announced.

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Those people whose income is taxable, they have to file income tax return. Currently, there is an old tax regime and a new tax regime for filing individual income tax returns. The tax slab is different in these.

ITR form

Taxpayers will have to file their income tax returns for the financial year 2022-23 by 31 July. In February, the Central Board of Direct Taxes (CBDT) released ITR forms for this financial year. Taxpayers can file ITR as soon as this financial year ends. There are seven types of ITR forms for different individuals, businesses and companies, these include ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

Penalty may have to be paid

Different ITR forms are filed according to different needs. Whereas ITR-1 and ITR-4 are simple forms that cater to a large number of small and medium taxpayers. However, people filing income tax should take care of one important thing, otherwise they may have to pay a fine of Rs 5,000.

Income tax return

Actually, the last date for filing ITR for the financial year 2022-23 is 31 July. In such a situation, if someone is not able to file income tax return till 31st July, then he will have time till 31st December to file the late return and pay the penalty. Rs 5,000 will have to be paid as penalty.

This is the provision

According to the Income Tax Department’s website, the penalty for late ITR filing is Rs 5,000, even after that if someone does not file ITR by the due date, then the amount for filing after that can be doubled. Apart from this, there is also a provision of punishment in some cases.

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