Income Tax Department released Excel based utility for ITR-1 and ITR-4
The e-filing portal has enabled the filing of ITR-1 and ITR-4 for FY 2022-23. Additionally, the Central Board of Direct Taxes (CBDT) has also issued an Excel source for ITR-1 and ITR-4.
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The Income Tax Department has made available an offline Excel-based utility for filing ITR-1 Sahaj and ITR-4 Sugam for the FY 2022-23 (Assessment Year 2023-24). This excel utility can be downloaded from the official website of the Income Tax Department.
ITR-1
ITR-1, also known as "Sahaj" which means "easy", is the most widely used form for filing Income Tax Returns. This form is specifically designed for resident individuals whose total income, derived from sources such as salaries, one house property, and other sources (e.g., interest), does not surpass Rs. 50 lakh during the financial year. Additionally, this form can be used for agricultural income up to Rs. 5 thousand. Typically, salaried individuals make use of this form.
Date of the first release of this Excel utility - 25th April 2023.
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ITR-4
ITR-4 Sugam is a form for filing income tax returns, specifically intended for taxpayers who have chosen the presumptive income scheme as outlined in Section 44AD, Section 44AE, and Section 44ADA.
However, it's important to note that if a business's turnover surpasses Rs. 2 crores, the taxpayer must file ITR-3.
This form is suitable for individuals, HUFs, and firms (excluding LLPs) who are residents and have a total income of up to Rs. 50 lakh. Moreover, this form is intended for those with income from business and profession that is computed under sections 44AD, 44ADA, or 44AE and agricultural income up to Rs. 5 thousand.
Date of the first release of this Excel utility - 25th April 2023.
Click here to download
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Summing it Up
By utilizing the Income Tax Department's Excel utility for filing ITR-1 Sahaj and ITR-4 Sugam, taxpayers can simplify the tax filing process. The utility can be downloaded from he official website of the income tax department or the given link in the blog, and the taxpayer can also have an understanding of the utility's requirements to effectively file their taxes.
Also Read: "Statutory & Compliance Calendar For April 2023".
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Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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