Income Tax News: Attention Taxpayers! IT Department Releases ITR Forms 1 and 4 for FY 2023-24, Check Details

Income Tax News: In a recent development, the Income Tax Department has unveiled the much-awaited offline utility forms for Income Tax Return (ITR) filing, specifically for ITR-1 and ITR-4, applicable for the financial year 2023-24 (Assessment Year 2024-25). This initiative aims to streamline the tax filing process for Indian taxpayers.

Offline Forms Now Available

The Income Tax Department has introduced offline forms in JSON format, accessible through their e-filing website. These forms are indispensable for individuals, Hindu Undivided Families (HUFs), and firms (except Limited Liability Partnerships) seeking to file their income tax returns for the said financial year. Taxpayers can opt for either fully online or partial offline modes for filing their returns.

Understanding the Partial Offline Route

Under the partial offline route, taxpayers download the JSON utility forms from the income tax e-filing portal. Subsequently, they manually input their income details and other requisite information pertaining to the respective financial year. Alternatively, taxpayers have the option to import data directly into the JSON utility. Once all details are accurately filled, the schema is uploaded onto the e-filing website for submission.

Fully Online Mode Simplified

For those preferring a fully online approach, taxpayers can log into their accounts on the e-filing website and file their ITRs hassle-free.

ITR-1 (SAHAJ) and ITR-4 (Sugam) - Who Can Use Them?

ITR-1 is tailored for individuals whose income includes salary/pension, income from one house property (excluding cases of loss carried forward from previous years), income from other sources (e.g., interest), and agricultural income up to ₹5,000.

ITR-4, commonly known as Sugam, is applicable to Individuals, HUFs, and firms (other than LLPs) who are residents and have a total income of up to ₹50 lakh. Additionally, they must derive income from business or profession computed under sections 44AD, 44ADA, or 44AE of the Income Tax Act.

Important Dates to Remember

For taxpayers not mandatorily required to undergo auditing, the deadline for filing income tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024.