The Income tax department on Wednesday released offline forms to file the Income Tax return (ITR). The I-T dept released ITR-1 and ITR-4 forms for the Assessment Year 2023-2024, i.e. the financial year 2022-2023.
According to media reports, those individuals who have an income of up to Rs 50 lakh can fill out the form ITR-1, whereas ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs), and companies earning from businesses.
Earlier in February this year, ITR forms for individuals, HUFs, businesses, and others for FY23 were released by the department. On February 10, a notification from the Central Board of Direct Taxes (CBDT) was released, which stated that ITR forms 1-6, ITR-V (verification form), and ITR acknowledgment form have been issued for the fiscal year.
It is worth noting that in 2022, such forms were notified in the first week of April. The I-T department is yet to release the other income tax return forms.
“Excel utilities of ITR 1 and ITR 4 for AY 2023-24 are available for filing,” according to a notification on the e-filing portal. The tax department is yet to release the JSON utility for ITR-1 and ITR-4.
Even though the income tax department has released the offline forms, many salaried individuals will need Form 16 from their employers to file their ITR. June 15 has been set as the due date by the I-T department for employers to share Form 16.
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How to get offline ITR forms?
Taxpayers can now download ITR forms 1 and 4 directly from the official website of the income tax department. Taxpayers can then take a printout of the form and after filling it manually, they can submit it offline.
These forms can also be submitted online by filling out the income and deduction-related details and uploading it on the e-filing portal.
Taxpayers must keep this in mind that there are seven types of ITR forms, ranging from ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7, for individuals, businesses, and companies. It is crucial for taxpayers to choose the correct ITR form, which should be selected on the sources of income during a fiscal year.