Income-tax Returns Form ITR 1 and ITR 4 are Available In Online mode with prefilled data on the I-T portal
The income tax department has made ITR forms 1 and 4 available on the e-filing website. These forms were enabled for online filing almost a month after the department released the Excel utility for them.
Income-tax Returns Form ITR 1 and ITR 4 are Available In Online mode with prefilled data on the I-T portal
The income tax department released the Excel utility for income tax return (ITR) forms 1 and 4 on April 25, 2023. They have also made the online forms available for ITR-1 and 4. According to the income tax website, you can fill out and submit Form ITR 1 and ITR 4 online, and the portal even comes with prefilled data to make it easier for you.
The online ITR forms on the e-filing website have pre-filled data like salary income (from Form 16), interest from savings accounts, fixed deposits, and more. These forms are different from the Excel utility because, in the Excel utility, you need to download the form, fill it out, and then upload it on the e-filing website.
The online ITR form simplifies the filing of income tax returns for individuals. They only need to compare the data in the online form with their own documents. It's also essential to cross-check this information with the Annual Information Statement (AIS) and Form 26AS to ensure consistency between the taxpayer's data and the records maintained by the income tax department.
The Central Board of Direct Taxes (CBDT) announced the ITR forms in February of this year. Currently, taxpayers are filing their income tax returns for the financial year 2022-23 (assessment year 2023-24). The deadline for salaried individuals and taxpayers who don't require auditing of their accounts is July 31, 2023 (unless the government extends the date).
ITR-1 is for individuals with a total income of up to Rs 50 lakh in a financial year. It is applicable if their income does not come from capital gains, business, or profession. If a person has income from salary, one house property, and other sources, they can use the ITR-1 form to file their tax return.
While on the other hand, ITR-4 is applicable to taxpayers who earn income from their business or profession and have their income taxed on a presumptive basis. This means that instead of maintaining detailed books of accounts and calculating actual profits and expenses, these taxpayers can declare their income based on a specified percentage of their gross receipts or turnover.
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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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