Income Tax Return 2022-23: The Income Tax Department has released offline ITR-1 and ITR-4 forms for filing income tax returns for the monetary year 2022-23 and appraisal year 2023-24. Citizens who need to file offline returns can do so utilizing these forms, however the internet based ITR form has not yet been delivered.
According to the Income Tax Department, taxpayers who submit ITR-1 and ITR-4 income tax returns for the assessment year 2023–2024 will be able to use the Excel utility.
The ITR-1 is designed for taxpayers with annual incomes of up to Rs 50 lakh, which can come from a variety of sources, including salary income, property income from a house, interest, and agricultural income up to Rs 5,000.
In the meantime, individuals, HUFs, and businesses (except LLPs) whose income from business and profession is less than Rs 50 lakh can file income tax returns using ITR Form 4. This pay ought to be from business or any calling under 44AD, 44DA, and 44AE, and horticultural pay shouldn’t surpass Rs 5000.
Download these forms, fill them out, and upload them to the Income Tax e-filing website if they want to file their returns offline. On the upcoming e-filing of income tax, the online income tax return form can be filled out directly.
In order to submit an income tax return, salaried workers must fill out Form-16, which is distributed by businesses in June. The cutoff time for giving Form 16 is June 15. Taxpayers can submit income tax returns for the assessment years 2023-2024 by July 31, 2023.
The new income tax return form for the fiscal years 2022-23 and 2023-24 was announced earlier than usual by the Central Board of Direct Taxes (CBDT) in February of this year. The CBDT typically notifies the income tax return form at the beginning of the fiscal year, but this time, it was notified earlier.
