The Income Tax Department has issued ITR 1 and ITR 4 forms for Assessment Year 2023-24. People having income more than 50 lakh can fill this form.
Income Tax Return : Important updates have come to the fore for taxpayers. The Income Tax Department has issued ITR 1 and ITR 4 for the assessment year 2023-24. However, till now the online forms have not been released. The Central Board of Direct Taxes (CBDT) was notified for the form in February itself.
According to the official website of the Income Tax Department, ITR1 and ITR4 excel utility has been made available for filing for Assessment Year 2023-24 and Financial Year 2022-23. Those whose income is more than Rs 50 lakh can do offline filing for income tax return. Your income of 50 lakhs also includes income from pension, interest and other sources. Apart from this, agricultural income up to Rs 5000 has also been included in the list.
Individuals whose source of income is investment in unlisted company, capital games, multiple properties or house and business cannot file ITR. Explain that ITR 4 can be filled by single individuals, HUFs and firms whose income is more than Rs 50 lakh.
To file ITR, taxpayers must first download the relevant form by visiting incometaxindia.gov.in. After that it will have to be uploaded on the portal of the Income Tax Department. This process can be completed both online and offline. Although the online forms have not been issued at the moment.
