• Thu. Jun 8th, 2023

ITR-1 and ITR-4 are simpler forms aimed at a large number of small and medium taxpayers.

ITR-1 and ITR-4 are simpler forms aimed at a large number of small and medium taxpayers.

Tax return: Offline ITR-1 and ITR-4 forms arrived after CBDT notified in February.

Tax return AF 2022-23: Each year, individuals, companies and other entities whose income exceeds the minimum threshold set by the government are required to file their tax return. The deadline for filing returns depends on the type of taxpayer and the nature of their income.

Tax return forms have already been notified for the 2023-24 tax year (for income earned in 2022-23). In accordance with the amended standards, persons on whom search and seizure operations have been carried out by tax officials can now file revised returns under Section 153 C based on a self-assessment of their assets not disclosed in RIR-1.

In February, CBDT also made some changes to Form ITR-1 with respect to Section 139(1) disclosure, which is filed voluntarily by persons whose annual taxable income is less than Rs 2.5. lakh. Such persons will not be required to indicate in their ITR forms even if their fixed deposits exceed Rs 1 crore.

ITR forms FISCAL YEAR 2022-23

ITR-1 and ITR-4 are simpler forms intended for a large number of small and medium-sized taxpayers.

ITR-1 can be deposited by a person with an income of up to Rs 50 lakh who receives income from salary, home ownership and other sources (interest, etc.). ITR-4 can be filed by individuals, Hindu Undivided Families (HUF) and companies whose total income does not exceed Rs 50 lakh and who have business and professional income.

Even though the Income Tax Department has not yet released the ITR forms online, it has released the ITR-1 and ITR-4 forms offline for filing the income tax return (ITR) for AY 2023-24 or fiscal year 2022-23.

The offline ITR-1 and ITR-4 forms arrived after the CBDT notified the same in February.

In the offline method, taxpayers are required to download the relevant form, fill it out and then upload it to the department portal. However, in the online form, taxpayers can directly fill in their income details on the income tax portal and submit them. In both modes, the forms must be verified by the taxpayers.

Who is eligible to file ITR-1 Sahaj?

Depending on the IT department, ITR-1 can be filed by a resident natural person whose:

    • Total income does not exceed Rs 50 lakh during the financial year
    • Income comes from salary, home ownership, family pension income, agricultural income (up to Rs 5,000) and other sources including:

– Interest from savings accounts

– Interest on Deposits (Bank / Post / Cooperative Society)

-Interest from income tax refund

-Interest received on enhanced compensation

  • Any other interest income
  • Guesthouse
  • The income of the spouse (other than those covered by the Portuguese Civil Code) or of the minor is assessed (only if the source of income is within the limits specified as mentioned above).

Who is not eligible to file ITR-1?

ITR-1 cannot be filed by a person who:

  • Is a Resident Ordinary Non-Resident (RNOR) and a Non-Resident Indian (NRI) Has a total income above Rs 50 lakh
  • Has an agricultural income above Rs 5000
  • Has income from lottery, horse racing, legal gambling, etc.
  • Has taxable capital gains (both short-term and long-term)
  • Has invested in unlisted shares
  • Has business or professional income
  • Is a director in a company
  • Has a tax deduction under Section 194N of the Income Tax Act
  • Has deferred income tax on the ESOP received from the employer being a qualifying startup
  • Owns and derives income from more than one home
  • Not covered by RTI-1 eligibility requirements

What documents do you need to file ITR-1?

You would need Form 16, house rent receipt (if applicable), investment payment bonus receipts (if applicable). However, ITRs are non-attachment forms, so you are not required to attach any document (such as proof of investment, TDS certificates) with your return (whether filed manually or electronically). However, you must keep these documents for situations where they must be produced before the tax authorities such as assessment, investigation, etc.

How to deposit ITR 1 Sahaj online?

The RTI-1 pre-fill and deposit service is available to registered users on the e-Filing portal. This service allows individual taxpayers to file ITR-1 either online through the e-Filing portal or by accessing the offline utility. This user manual covers the ITR-1 filing process via the online mode.

ITR-1 has five sections that you must complete before submitting it and a summary section where you must review your tax calculation. The headings are as follows:

  • Personal informations
  • Total gross income
  • Total deductions
  • Tax paid
  • Full fiscal responsibility

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