What is Form 16?

Form 16 or 16A is a certificate issued by the employer when he deducts tax from the salary of the employees. It contains information on how much tax was deducted and deposited to the government. This document is given to the employees by the end of May every year.

How does digital Form 16 work?

Digital Form 16 is generated directly from the TRACES portal, so the information given in it is accurate and consistent. This new digital form contains complete details of tax-free allowances (exemptions), deductions and salary, which avoids any confusion while filing tax.

Now taxpayers can upload this digital document directly on the tax filing websites. The system automatically fills in all the required information, which saves time and reduces the chances of mistakes. Also, if any mistake is made, the system gives an alert so that it can be corrected beforehand.

Which ITR form for whom?

There are two simple forms for simple taxpayers — ITR-1 (Sahaj) and ITR-4 (Sugam).

ITR-1 (Sahaj) can be filed by those whose annual income is up to Rs 50 lakh. Those who earn money from salary, income from one house, interest and agricultural income up to a maximum of Rs 5,000.

ITR-4 (Sugam) is for individuals, HUFs i.e. Hindu Undivided Families and firms whose income is less than Rs 50 lakh and they earn from business or profession.

Last date for filing return

For individuals who do not require audit, the last date for filing returns is July 31. For businesses and professionals who require audit, the deadline is October 31. With digital Form 16, filing tax returns has now become easier, faster and safer than ever before.

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Tax forms vary depending on the type of tax prescribed for different taxpayers. It is usually decided on the basis of the source of income and profession of the taxpayer. The most common of these forms is ITR-1, also known as “Sahaj Form”. It is for those individuals who fall under a certain income limit. This category includes those persons whose total annual income does not exceed Rs 50 lakh.

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When should ITR-1 form be filled?

You should file ITR-1 only if your total income includes income from the following sources:

– Income from salary/pension

– Income from a house (except in case of losses from previous years)

– Income from other sources (except lottery winnings and income from horse racing)

– If you are filing clubbed income tax return, which includes your spouse or minor child, then this can be done only if their income is also within the limits mentioned above.

Changes in ITR-1 form

Tax Regime: Those filing ITR-1 form will now have to choose their preferred tax regime. Following the amendments made to Section 115BAC through the Finance Act 2023, the new tax regime has now been prescribed as the default tax regime. This automated application is applicable to individuals, Hindu Undivided Families (HUFs), Associations of Individuals (AOPs) and Bodies of Individuals (BOIs).

If you want to use the old tax regime, you will have to explicitly opt out of section 115BAC(6). Also, individuals earning income from non-business or profession must specify their preferred tax regime while filing their ITR under section 139(1) for the relevant assessment year.

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Section 80CCH: A new section, Section 80CCH, has been inserted through the Finance Act 2023. This section allows individuals who enroll in the Agnipath scheme and deposit the amount in the Agniveer Fund on or after November 1, 2022, to avail tax deductions. To accommodate this change, ITR Form 1 has been updated to allow the taxpayer to provide description about the amount eligible for deduction under section 80CCH.

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But how will this phobia of ITR filing go away? Let us know what is the process of filling ITR online. ITR Form-1 is for salaried employees with income below 50 lakhs, know the step by step process of filling this form below-

How to file ITR? 

Step 1- First of all go to the e-filing portal of Income Tax, https://www.incometax.gov.in/iec/foportal / this link has to be visited.

Step 2- Here enter PAN, password and captcha code in the user ID and log in.

Step 3- You will see the e-file menu above, and then go to Income Tax Return and select File Income Tax Return.

Step 4- On the next page, you have to select the relevant assessment year. In the mode of filing below, the option of online has to be selected. Then click on Continue.

Step 5- Here you will click on Start New Filing. If you had tried filing earlier and had saved the draft, then you can choose the above option.

Step 6- Here you have to click on Individual in Status Applicable as you have to file ITR-1.

Step 7- On the next page you have to choose ITR form, where you will choose ITR 1. Here you can see which type of taxpayer has to fill which ITR form. Proceed with ITR Form 1.

Step 8- Here you can see what documents you will need. Click on Let’s Get Started to proceed.

Step 9- You will tell in the next page why you are paying income tax.

Step 10: Now you have to validate the details of your pre-filled return. In this, check your details in personal details. If there are some changes in the filing section then you can edit.

Step 11- Similarly, you will also have to validate the details of your total income, tax deduction, tax paid, and tax liability. When you have validated all the details then you can proceed. If any tax amount is to be paid now, you can do it now or later with e-pay tax service.

Step 12- Now you can see the preview of your ITR. From here click on Proceed to Validation.

Step 13- Now you have to verify ITR. Three options will appear, choose whichever option is easy and convenient for you. After e-verification, your ITR will be submitted. You can download your ITR receipt from here.

The post How to file ITR online for FY-2022-23 ? first appeared on Rightsofemployees.com.

Taxpayers can not only assess their tax liability with the help of this, but can also fill their ITR form without CA or expert. Apart from this, the department has also uploaded Form 10 on its portal for filling ITR.

The Income Tax Department has written on its official Twitter handle that the facility of Excel Utilities has been uploaded on the official portal http://incometax.gov.in to fill ITR 1 and 4 forms i.e. Sahaj and Sugam forms. Is. Taxpayers can avail this facility by clicking on the live ticker running on the portal. Through this software, taxpayers will be able to easily assess their tax liability and can also fill their ITR form without the help of any expert.

Other taxpayers will also get the facility soon

The Income Tax Department said in a tweet- ‘Software for other ITRs Form will also be released soon. Taxpayers can use it to file income tax returns for the assessment year 2023-24. Taxpayers will get this information only on the e-filing portal. Appreciate the taxpayers for being patient about this. We are working in this direction.

Dear Taxpayers,

Excel utilities for ITR 1 & 4 for AY 2023-24 have been enabled. Please refer to the live ticker on the e-filing portal: https://t.co/GYvO3mRVUH
The software/utilities for preparing other ITRs / Forms for A.Y. 2023-24 will be enabled shortly. Information regarding… pic.twitter.com/6Es978U9m2

— Income Tax India (@IncomeTaxIndia) April 26, 2023

Who is ITR Form 1 and 4 for?

According to the Income Tax Department, ITR Form 1 has to be filled by those taxpayers who earn from salary, house rent and interest. It is also called simple form. This form is only for individual taxpayers. At the same time, ITR Form 4 has to be filled by those taxpayers, whose income is from any business apart from salary, rent and interest. This form is also called easy. It is also used by Hindu Undivided Family (HUF) along with individual taxpayers.

Error complaint on the portal

Many taxpayers have complained about errors on the e-filing portal while filling ITR. Twitter user @Jyesupadam wrote – Error is coming regarding 87A rebate while filing ITR-1 return for income less than 5 lakhs. On this, the Income Tax Department wrote in reply – You should write all your details and matter including your PAN and mobile number and mail it to orm@cpc.incometax.gov.in. Our team will contact you soon. Twitter users with IDs @abutalha012345 and @adv_sukhdeep_ have also made a similar complaint and the Income Tax Department has also asked them to mail all the details.

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Income tax payers can now file Income Tax Return (ITR filing 2022-23) on the e-filing portal for the assessment year 2022-23. The last date for filing income tax return for any common person for the financial year 2021-22 is July 31, 2022 (ITR filing 2022-23 Last Date). On the other hand, the last date for filing income tax return for such persons whose business audit is required is 31 October 2022. If a taxpayer has done any specified foreign or domestic transaction, then he can settle this work by 30 November 2022.

When you file ITR online on the e-filing portal, you will get the option to choose any one of the two forms there. ITR Form-1 and ITR Form-4. You have to choose one of these two forms. Today we are telling you which taxpayer has to fill Form-1.

They have to fill Form-1

Most of the taxpayers file income tax return through ITR Form-1. It is also known as Sahaj. This form is to be filled by those people whose total income including salary, property, interest and agriculture income up to Rs 5000 is up to Rs 50 lakh. When a taxpayer selects ITR Form-1 on the e-filing portal, the taxpayer-related information is pre-filled in the form on the e-filing website. But it is important that you check those information properly once. If there is any wrong information in them, then correct it.

They cannot fill Form-1

If you are Individual, HUF (Hindu Undivided Family) and Firm (other than LLP) and your income is up to Rs 50 lakh and you have income from business and profession as per section 44AD, 44ADA or 44AE, then you have to submit ITR Form-1 Will not fill. You have to file your ITR by selecting ITR Form-4.

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