In February this year, the Income Tax Department issued the ITR forms for individuals, Hindu Undivided Families, businesses, and others for 2022-23 fiscal. The utilities can be easily downloaded from the Income Tax e-filing website.
Income Tax Return (ITR) filing for AY 2023-24: Taxpayers can now easily file their Income Tax Returns (ITR) online AY 2023-24, i.e. the financial year 2022-23, with the help of Excel utilities for ITR-1 (Sahaj) and ITR-4 (Sugam), which were recently released by the Central Board of Direct Taxes (CBDT). The utilities can be easily downloaded from the Income Tax e-filing website.
In February this year, the Income Tax Department issued the ITR forms for individuals, Hindu Undivided Families, businesses, and others for 2022-23 fiscal.
ITR-1 (Sahaj) is the simplest ITR form and can be used by any individual who is a resident of India, and have a total income of up to Rs 50 lakh. The income from salaries, one house property, other sources like interest income and agricultural income up to Rs 5,000 will be counted under this.
On the other hand, ITR-4 (Sugam) can be filed by individuals, HUFs and Firms (other than LLP), who are Indian residents and have a total income up to Rs 50 lakh. The income from business and profession, which is computed under sections 44AD, 44ADA or 44AE and agricultural income up to Rs 5,000, will be counted under this.
Excel Utilities
The online format to file income tax returns is called “ITR utility”. Excel utility is one of the utilities. The Excel-based utility for filing ITR-1 Sahaj and ITR-4 Sugam for AY 2023-24 is available for download from the Income Tax Department’s official website.
“Excel utilities for ITR 1 & 4 for AY 2023-24 have been enabled. Please refer to the live ticker on the e-filing portal: http://incometax.gov.in. The software/utilities for preparing other ITRs / Forms for A.Y. 2023-24 will be enabled shortly. Information regarding the same will be made available to taxpayers on the e-filing portal. We appreciate your patience while we are working on this,” the Income Tax Department said.
Step-by-step guide
Step 1: Go incometax.gov.in website, and Login your details, like User ID (PAN/Aadhar/Other User ID), enter your password.
Step 2: Go to the “File Now” tab under “File you return for the year ended on 31-Mar-2023”
Step 3: Now, select 2023-24, which is the current assessment year.
Step 4: Select “Section 139 (1) – Original Return” as the filing type. Also, click on “Yes” or “No” to acknowledge whether you are audited under section 44AB or a political party as per section 13A.
Step 5: Select the ITR type – ITR-1 or ITR-4 as per applicability in your case and click on “Continue”.
Step 6: Upload your ITR form, which should be in the .json file format only.
Step 7: After uploading the ITR form in .json format, click on “Proceed to verification” to complete the rest of the formalities.
Things to note
The Income Tax e-filing website states that you can upload your filled ITR form prepared using the offline Excel-based utility provided by the CBDT.
In February this year, the Income Tax Department issued the ITR forms for individuals, Hindu Undivided Families, businesses, and others for the 2022-23 fiscal year.
The CBDT issued a notification on February 10 that ITR forms 1-6, ITR-V (verification form), and ITR acknowledgment form have been issued for the FY2022-23. Last year, such forms were notified in the first week of April.
There are seven types of ITR forms, ranging from ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7, for different individuals, businesses, and companies.
It is very important to choose the correct ITR form while filing their tax return. If the wrong ITR form is used for filing the I-T return, then the filing will be a defective return, and the tax department will send a notice to refill the return.
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