News | Tax

E-Filing Made Easy: File Your Income Tax Returns for AY23-24 with ITR-1 and ITR-4

MAS Team 24 May 2023
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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.
 

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
 
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
 
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
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Debashis Basu
Founder