The Income Tax Department has recently unveiled the online income tax return forms for the financial year 2022-23 and assessment year 2023-24.
These forms, namely ITR-1 and ITR-4, are now available for e-filing through the department’s official website.
This move aims to facilitate individuals who need to file their income tax returns, allowing them to conveniently complete the process online using these specific forms.
ITR-1 and ITR-4: Catering to Various Taxpayers
The Income Tax Department has introduced ITR-1 and ITR-4 forms for the financial year 2022-23, targeting individuals, professionals, and small business owners.
Through these forms, taxpayers can easily file their returns online. The department shared this valuable information through its official Twitter account.
Important Deadline: July 31
Taxpayers should note that the last date for filing income tax returns (ITRs) is set for July 31. This deadline applies to those individuals who are not obligated to undergo an audit of their accounts.
ITR Forms Simplified
For individuals falling under this category, ITR-1 is the applicable form. This includes employed individuals and senior citizens.
Moreover, those businesses and professionals who have opted for presumptive taxation also utilize ITR-2. Additionally, individuals with an annual income below Rs 50 lakh can use this form.
Resident individuals, HUFs (Hindu Undivided Families), and companies (excluding LLPs) with a total income up to Rs 50 lakh.
along with professionals whose income is computed under section 44AD, 44ADA, or 44AE, are advised to use ITR-4.
Don’t Miss the Deadline
In response to a taxpayer’s query on Twitter, the Income Tax Department confirmed the availability of ITR-1 and ITR-4 forms on their portal for online ITR filing for assessment year 2023-24.
Remember, the last date for filing ITRs for the financial year 2022-23 is July 31. This deadline is applicable to individuals who are not required to undergo an audit.
By providing these user-friendly forms online, the Income Tax Department aims to streamline the tax filing process and enhance convenience for taxpayers across various categories.
