Income Tax Return For AY 2023-24: The Income Tax Department has issued offline ITR-1 and ITR-4 kinds for submitting revenue tax returns for the monetary yr 2022-23 and evaluation yr 2023-24. The on-line ITR kind has not been launched but. But these taxpayers who need to file offline returns by way of ITR-1 and ITR-4 can file revenue tax returns now.

Giving this info on the e-filing web site, the Income Tax Department stated that Excel utility is out there for submitting for taxpayers submitting revenue tax returns by way of ITR-1 and ITR-4 for the evaluation yr 2023-24. Through ITR-1, these taxpayers whose annual revenue is as much as Rs 50 lakh, which incorporates wage revenue, a home property and different sources like curiosity and agricultural revenue as much as Rs 5 thousand, will fill the return. Through ITR Form 4, Individuals and HUFs (Hindu Undivided Families) and corporations (besides LLPs) whose revenue from enterprise and occupation is as much as Rs 50 lakh can file revenue tax returns. This revenue must be from enterprise or any occupation below 44AD, 44DA and 44AE and agricultural revenue shouldn’t exceed Rs 5000.

Taxpayers who need to file returns offline must obtain these kinds first. Then it needs to be crammed and uploaded on the e-filing web site of Income Tax. Online revenue tax return kind might be crammed immediately on e-filing of revenue tax which can be launched quickly. Salaried individuals want Form-16 to file revenue tax return, which is issued by firms within the month of June. By the best way, the final date for issuing Form-16 is June 15. By July 31, 2023, taxpayers can file revenue tax returns for the evaluation yr 2023-24.

Earlier this yr, within the second week of February itself, the CBDT had notified the brand new revenue tax return kind for the monetary yr 2022-23 and evaluation yr 2023-24. CBDT has at all times notified the revenue tax return kind firstly of the monetary yr, however this time it was notified earlier than the beginning of the monetary yr.

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