Income Tax Return Update: The Income Tax Department had notified the Income Tax Return Form for the assessment year 2023-24 in the month of February itself.
Income Tax Return For AY 2023-24: The Income Tax Department has issued offline ITR-1 and ITR-4 forms for filing income tax returns for the financial year 2022-23 and assessment year 2023-24. The online ITR form has not been released yet. But those taxpayers who want to file offline returns through ITR-1 and ITR-4 can file income tax returns now.
Giving this information on the e-filing website, the Income Tax Department said that Excel utility is available for filing for taxpayers filing income tax returns through ITR-1 and ITR-4 for the assessment year 2023-24. Through ITR-1, those taxpayers whose annual income is up to Rs 50 lakh, which includes salary income, a house property and other sources like interest and agricultural income up to Rs 5 thousand, will fill the return.
Through ITR Form 4, Individuals and HUFs (Hindu Undivided Families) and firms (except LLPs) whose income from business and profession is up to Rs 50 lakh can file income tax returns. This income should be from business or any profession under 44AD, 44DA and 44AE and agricultural income should not exceed Rs 5000.
Taxpayers who want to file returns offline will have to download these forms first. Then it has to be filled and uploaded on the e-filing website of Income Tax. Online income tax return form can be filled directly on e-filing of income tax which will be released soon. Salaried people need Form-16 to file income tax return, which is issued by companies in the month of June. By the way, the last date for issuing Form-16 is June 15. By July 31, 2023, taxpayers can file income tax returns for the assessment year 2023-24.
Earlier this year, in the second week of February itself, the CBDT had notified the new income tax return form for the financial year 2022-23 and assessment year 2023-24. CBDT has always notified the income tax return form at the beginning of the financial year, but this time it was notified before the start of the financial year.
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