ITR: The Income Tax Department has made ITR-1 and ITR-4 forms available in an offline format, which can be used for filing Income Tax Return (ITR) pertaining to the financial year (FY) 2022-23. In this regard, the Income Tax Department has issued an offline utility for ITR Form 1 and 4 on 25 April 2023.
Income Tax Return: Filing of income tax return is the responsibility of every person whose income is taxable. People filing income tax return have to file tax according to different income tax slabs. Tax slabs are also different according to different income. Along with this, people also have to use different forms to file Income Tax Return (ITR). In such a situation, it is very important to have information about them. Let’s know…
Income tax return
Now the Income Tax Department has made ITR-1 and ITR-4 forms available in an offline format, which can be used for filing Income Tax Return (ITR) related to the Financial Year (FY) 2022-23. In this regard, the Income Tax Department has issued an offline utility for ITR Form 1 and 4 on 25 April 2023.
itr form
At the same time, some changes have been made in ITR-1 and ITR-4 to switch between the old and new tax system. Additional conditions for filing income tax return have been introduced in ITR 1 and ITR 4. These include turnover of more than ₹ 60 lakhs from business in the previous financial year, turnover of more than ₹ 10 lakhs in the previous financial year from profession and TDS deducted in the previous financial year etc.
Take care of them
Whereas individuals with total income up to Rs 50 lakh can use ITR-1, while ITR-4 is for individuals, Hindu Undivided Families (HUF) and firms earning from businesses. These forms were introduced in February this year along with ITR 2, ITR 3, ITR 5, ITR 6 and ITR 7. In this case, while filling ITR, choose the correct form, filing ITR in the wrong form can be a problem.
