The Income Tax Department has introduced an online filing facility for Income Tax Return (ITR)-1 and ITR-4 for the financial year 2022-23. This new feature is specifically designed for individuals, professionals, and small business owners.
Taking to Twitter, the department announced that the facility for other income tax returns/forms will be made available soon.
Responding to a user’s tweet, they stated, “The facility to fill online ITR-1 and 4 for the assessment year 2023-24 (AY 2023-24) has been started on the e-filing portal.”
No Audit Requirement:
For individuals and entities that are not required to undergo an audit of their accounts for the financial year 2022-23, the deadline for filing income tax returns is July 31.
ITR-1 is typically used by salaried individuals and senior citizens, while ITR-2 is for companies and professionals. It is applicable to those who have opted for presumptive taxation and have an annual income below Rs. 50 lakh.
Offline ITR-2 Form Released:
The Income Tax Department has also released the offline ITR-2 form for filing income tax returns. One significant change in the ITR form is the requirement to provide information about virtual currency and digital assets.
Whether you choose to file the form offline or online, it is crucial to verify it. Failure to verify the ITR will result in the Income Tax Department not processing it.
Who Should File ITR-2:
If your annual income exceeds Rs. 50 lakh, it is advisable to fill the ITR-2 form. This form requires disclosure of multiple residential properties, capital gains or losses from investments, dividend income exceeding Rs. 10 lakh, and income from agriculture.
Additionally, if you have earned interest from your provident fund (PF), you will also need to file this form.
With the new online filing facility for ITR-1 and 4, the Income Tax Department aims to simplify the tax filing process for individuals, professionals, and small business owners.
Stay tuned for further updates on the availability of other income tax returns/forms through the e-filing portal.