The offline ITR-1 and ITR-4 forms come after the CBDT notified the same in February. (Representative image)
ITR Filing: In the offline method, taxpayers are required to download the relevant form, fill it out and then upload it to the department portal.
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, real estate 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.
While ITR-2 is filed by people with income from residential property and having an income above Rs 50 lakh, ITR-3 is filed by professionals. ITR-5 And ITR-6 are filed by LLPs and corporations.
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 the filing of income tax return (ITR) for the ‘AY 2023-24 or FY 2022-23.
The offline ITR-1 and ITR-4 forms come 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-4?
ITR 4 is for resident individuals, HUFs and companies (other than LLP) with aggregate income up to Rs 50 lakh and having business and professional income which is calculated under Sections 44AD, 44ADA or 44AE and an agricultural income up to Rs 5,000.
ITR-4 can be filed by a resident/HUF/corporate individual (other than LLP) who has:
- Income not exceeding Rs 50 Lakh during the financial year
- Business and professional income calculated on a presumptive basis according to 44AD, 44ADA or 44AE
- Salary/pension income, home ownership, farming income (up to Rs 5000/-)
- Other sources that include (excluding lottery winnings and racehorse income):
– Savings account interest
-Deposit interest (Bank / Post / Cooperative society)
-Interest from income tax refund
-Family pension
-Interest received on the bonus remuneration - Any other interest income (for example, interest income from an unsecured loan)
What documents do I need to file ITR-4?
You will need to keep the below documents ready (if applicable) to file ITR-4:
- Form 16
- Form 26AS & AIS
- Form 16A
- Bank statements
- Certificates of interest on housing loans
- Receipts for donations made
- Rental agreement
- Rent receipts
- Investment premium payment receipts – LIC, ULIP, etc.
For more details, taxpayers can refer to the official IT department portal (https://www.incometax.gov.in/iec/foportal/help/e-filing-itr4-form-sugam-faq).
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