Income Tax Return 2022-2023: While filing ITR online on the e-filing portal, you will get the option to choose any one of the two forms. ITR Form-1 and ITR Form-4. Most of the taxpayers file their taxes using Form-1.
New Delhi. Important information for those filing income tax returns. Next month i.e. 31st of July is the last date for filing income tax return. Income tax payers can now file income tax returns on the e-filing portal for the assessment year 2022-23. Let us tell you that for filing income tax return, you will also need some documents.
Documents required for filing income return
While filing ITR online on the e-filing portal, you will get the option to choose either of the two forms. ITR Form-1 and ITR Form-4. Most of the taxpayers file their taxes using Form-1.
Most of the information in this form is pre-filled which the taxpayer has to verify. Apart from this, if the information is entered wrong then it has to be corrected.
To file income tax return on the e-filing portal, you need to have PAN card, Aadhar card, Form 16, bank account details, investment details with proofs and other income proofs. Not only this, it is also necessary to link PAN and Aadhaar to file ITR. The e-mail ID of the taxpayer should also be registered with the Income Tax Department.
Who can fill Form-1
Form-1 is to be filled by those people whose total income including salary, property, interest and income from agriculture is up to Rs 50 lakh. In this, it is necessary to tell the information of salary, income from house property, income from interest etc. If your income comes from somewhere other than this, then you cannot use this form to file income tax return.
ITR Form-4
Individuals, HUFs and Firms whose annual income is more than Rs 50 lakhs and is from business and profession as per Income Tax Act Section 44AD, 44ADA or 44AE, then they will have to file their ITR by selecting ITR Form-4.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
