ITR Forms Released for Taxpayers: Important news for taxpayers. Actually the form has been issued for filling ITR of 2023-24. If a taxpayer wants to file ITR now, then he has to download the utility from the Income Tax e-filing portal…
Income Tax Department has issued ITR 1 and ITR-4 offline forms to file Income Tax Return (ITR) for the financial year 2022-23 (AY 2023-24). The Central Board of Direct Taxes (CBDT) had issued a notification regarding the form in February, now the forms have been issued.
The Income Tax Department has not yet enabled the online form for ITR. For now it has released Excel utility for ITR 1 and ITR-4. If a taxpayer wants to file ITR now, then he will have to download the utility from the Income Tax e-filing portal. The last date for filing ITR is 31 July 2023.
Excel utilities of ITR 1 and ITR 4 for assessment year 2023-24 are available for filing as per the e-filing income tax portal. The Income Tax Department is yet to release the JSON utility for ITR-1 and ITR-4. Apart from this, the Income Tax Department has not yet issued other income tax return forms. This means that if a person wants to file ITR now, he will have to download the utility from the Income Tax e-filing portal.
Once the information related to income and deduction is filled in the utility form, it will be necessary to upload it on the income tax e-filing portal. For online ITR form, information has to be filled directly in the online form available on the e-filing income tax portal. Taxpayers should remember that after submitting the ITR form offline or online, it is mandatory to verify it. Because, the Income Tax Department does not proceed to process the unverified ITR.
For the convenience of taxpayers, the Income Tax Department has issued offline forms, but salaried taxpayers will have to take Form 16 from their employer to file ITR. The date for issue of Form 16 by the employer is 15 June 2023. The last date for filing ITR to taxpayers for FY 2022-23 or Assessment Year 2023-24 is 31 July 2023. However, taxpayers whose accounts need to be audited will be given more time limit.
CBDT had issued notification of income tax return form in the beginning of February 2023. Usually this process is done in the month of April. There is no major change in the income tax return form this year. The only change in the ITR form is that it is mandatory for taxpayers to disclose information relating to crypto and virtual digital asset transactions. Amendment in income tax laws made crypto and other virtual assets taxable from 1 April 2022. At the same time, crypto and virtual property taxation has also been announced.
