The income tax department has released the offline forms for ITR 1 and ITR-4 for filing income tax return (ITR) for FY 2022-23 (AY 2023-24). The release of forms has come after the Central Board of Direct Taxes (CBDT) notified the same in February this year. Do note that the tax department is yet to enable the online forms for ITR forms, for now it has released the Excel utility for now for ITR 1 and ITR-4.

As per the e-filing income tax portal, “Excel utilities of ITR 1 and ITR 4 for AY 2023-24 are available for filing.” The tax department is yet to release the JSON utility for ITR-1 and ITR-4. Also, the tax department is yet to release the form for other income tax return forms.

This means that if an individual wants to file ITR now, then he/she will be required to download the utility from the income tax e-filing portal.

Once the income and deduction-related information in the utility form is filled, then it will be required to be uploaded on the income tax e-filing portal. For the online form, one is directly required to enter the information on the online form available on the e-filing income tax portal. One should remember that once the ITR form is submitted (either in offline or online mode), it be verified as well. ITR will not be taken up for processing by the income tax department unless it is verified by the taxpayer.

Though the offline forms have been released by the income tax department now, many salaried individuals need Form 16 from their employers to able to file ITR easily. The due date to issue Form 16 by an employer is June 15. The last date to file ITR for taxpayers (whose accounts are not required to be audited) is July 31, 2023 for FY 2022-23 (AY 2023-24).

From the usual departure, the CBDT notified the income tax return form early in February. Usually, the income tax returns are notified in the month of April.

There is no major change in the income tax return form this year. The only major change in the ITR form is that it asks taxpayers to provide information related to crypto and virtual digital assets transactions.

The government amended the income tax laws and made crypto and other virtual digital assets taxable from April 1, 2022. The announcement of crypto and virtual digital assets taxation was announced in Budget 2022.

Source By: economictimes

Share: