Income Tax Return: Important news for taxpayers, ITR 1 and 4 forms released for online filing

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Income Tax Return: Important news for taxpayers, ITR 1 and 4 forms released for online filing
Income Tax Return: Important news for taxpayers, ITR 1 and 4 forms released for online filing

The Income Tax Department has issued ITR 1 and ITR 4 forms for online income tax return filing, for which the portal will remain active till July 31.

Income Tax Return: The Income Tax Department has released ITR 1 and ITR 4 forms for online filing of income tax returns. The Income Tax Department has given this information through a tweet. Online Filling portal has been activated. Taxpayers can file ITR for the financial year 2022-23 by July 31, 2023.

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Individuals, small businesses and professionals can use both forms for income tax returns. Earlier, offline ITR forms were issued by the Income Tax Department. Please tell that verification is mandatory in both the methods. In online ITR form, taxpayers have to download the form from the official website. Then all the information has to be entered and uploaded on the portal. This process becomes easier when all the information is available.

ITR Form 1 is used by people whose income is less than 50 lakhs. Employed people and senior citizens are also included in this list. On the other hand, the person opting for prompt taxation can also use this form. At the same time, ITR 4 is used by HUF, Resident Individual and such companies, whose total income is up to Rs 50 lakh. People with agricultural income of Rs 5,000 can also use it.

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