In an effort to make the tax filing process simple and more convenient to taxpayers, the Income Tax Department has introduced an online platform for filing Income Tax Returns (ITRs) for the AY 23-24. The e-filing portal now makes it simple for taxpayers to submit the ITR-1 and ITR-4 forms, allowing them to finish the process quickly.
According to the income tax website, "Income-tax Returns Form ITR 1 and ITR 4 are enabled at the portal in Online mode with prefilled data," emphasising user-friendly nature the online filing system. Additionally, ITR-1, ITR-2, and ITR-4 excel utilities had already been enabled, according to the Income Tax India Twitter account, and software/utilities for other ITRs/forms would be made available soon.
ITR-1 (Sahaj) and ITR-4 (Sugam) are the two ITR forms that individual taxpayers use the most frequently. ITR-1 is applicable to residents who have taxable incomes under Rs50 lakh and who do not have any income under the headings "Capital gains" and "Profits and gains of business or profession." On the other hand, individuals, HUFs, and certain businesses with total income up to Rs50 lakh may use ITR-4 if their income from businesses and professions is calculated in accordance with certain provisions of the Income Tax Act.
To file ITR-1 or ITR-4 online, taxpayers can follow these simple steps:
1. Log in to the official e-filing portal (https://www.incometax.gov.in/iec/foportal/) using your PAN and password.
2. Navigate to the "e-file" menu and select the "Income Tax return" link.
3. Choose the submission mode as "Prepare and submit online."
4. Fill out all applicable and mandatory fields of the ITR form diligently.
5. Select the appropriate verification option in the "Taxes paid and Verification" tab.
6. Submit the form after reviewing and ensuring accuracy.
In February of this year, the Central Board of Direct Taxes (CBDT) announced the ITR forms, making them applicable for the financial year 2022–2023 (AY23–24). The ITR filing deadline for taxpayers who do not need their accounts to be audited and salaried individuals is July 31, 2023.
The Income Tax Department wants to give taxpayers a quick and easy way to comply with their obligations by introducing this simplified online filing system. The online platform reduces the complexity of the filing process, along with prefilled data and step-by-step instructions, ultimately saving taxpayers valuable time and effort.
Don't put it off until the last minute. Make use of the convenient online filing system to file your income tax returns for AY23–AY24. Ensure that you are following tax law while having a smooth filing experience.