The Income Tax Department has initiated the online filing facility for Income Tax Return Form (ITR) 1 and 4, catering to individuals, professionals, and small businesses for the financial year 2022-23.
In a recent tweet, the department confirmed that software/utilities to generate other ITR/Forms will be made available shortly.
Responding to a query, the department stated, “Enabled to file ITR 1 & 4 for Assessment Year 2023-24 in online mode on e-filing portal.”
The deadline for filing income tax returns for FY 2022-23 is July 31, for individuals who do not require their accounts to be audited.
ITR-1 is specifically designed for individuals, including the salaried class and senior citizens. On the other hand, ITR-2 is meant for businesses and professionals who have opted for presumptive taxation, as well as individuals whose annual income does not exceed Rs 50 lakh.
As the tax return season unfolds, taxpayers can leverage the convenience of online filing and stay updated with the latest changes implemented by the Income Tax Department.
Ensure timely filing of your returns based on the applicable ITR form to fulfill your tax obligations accurately and efficiently.