In the offline method, taxpayers are required to download the relevant form, fill it and then upload it on the department’s portal.
Income tax return forms have already been notified for Assessment Year 2023-24 (for income earned in 2022-23). As per the modified norms, individuals on whom search and seizure operations have been carried out by tax officials can now file revised returns under section 153 C on the basis of self-assessment of their undisclosed wealth in ITR-1.
In February, CBDT also made certain changes in ITR-1 form with regard to disclosure under Section 139 (1), which is filed voluntarily by persons having annual taxable income of less than Rs 2.5 lakh. These individuals will not be required to intimate in their ITR forms even if their fixed deposits exceed Rs 1 crore.
ITR Forms FY 2022-23
ITR-1 and ITR-4 are simpler forms that cater to a large number of small and medium taxpayers.
ITR-1 can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property and other sources (interest, etc). ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs) and firms with total income up to Rs 50 lakh and having income from business and profession.
While ITR-2 is filed by people having income from residential property and having income above Rs 50 lakh, ITR-3 is filed by professionals. ITR-5 and ITR-6 are filed by LLPs and businesses.
Even though the income tax department is yet to release the online ITR forms, it has released the offline ITR-1 and ITR-4 forms for filing the income tax return (ITR) for AY 2023-24 or financial year 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 and then upload it on the department’s portal. However, in the online form, taxpayers can directly fill details about their incomes on the income tax portal and submit it. In both modes, the forms need to be verified by the taxpayers.
Who is eligible to file ITR-4?
ITR 4 is for resident individuals, HUFs and firms (other than LLP) having total income up to Rs 50 lakh and having income from business and profession which is computed under Sections 44AD, 44ADA or 44AE and agricultural income up to Rs 5,000.
ITR-4 can be filed by a Resident Individual / HUF / Firm (other than LLP) who has:
- Income not exceeding Rs 50 Lakh during the FY
- Income from Business and Profession which is computed on a presumptive basis u/s 44AD, 44ADA or 44AE
- Income from Salary/Pension, one House Property, Agricultural Income (up to Rs 5000/-)
- Other sources which include (excluding winning from Lottery and Income from Race Horses):
-Interest from Savings Account
-Interest from Deposit (Bank / Post Office / Cooperative Society)
-Interest from Income Tax Refund
-Interest received on enhanced compensation
- Any other Interest Income (e.g., Interest Income from unsecured loan)
What documents do I need to file ITR-4?
You will need to keep the below documents ready (as applicable) to file ITR-4:
- Form 16
- Form 26AS & AIS
- Form 16A
- Bank Statements
- Housing Loan Interest Certificates
- Receipts for Donation Made
- Rental Agreement
- Rent Receipts
- Investment premium payment receipts – LIC, ULIP etc
For more details taxpayers can check the official portal of the IT department (https://www.incometax.gov.in/iec/foportal/help/e-filing-itr4-form-sugam-faq).
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