Income Tax Department: It was written on Twitter by the department that facilities for other income tax returns/forms will be started soon. The department said in response to a person’s tweet, ‘The facility to fill online ITR-1 and 4 for the assessment year 2023-24 (AY 2023-24) has been started on the e-filing portal.’
Income Tax Return: The Income Tax Department has started the facility of filing Income Tax Return (ITR)-1 and 4 online for the financial year 2022-23 for individuals, professionals and small businessmen. It was written on Twitter by the department that facilities for other income tax returns/forms will be started soon. The department said in response to a person’s tweet, ‘The facility to fill online ITR-1 and 4 for the assessment year 2023-24 (AY 2023-24) has been started on the e-filing portal.’
No audit of accounts required
In the case of those whose accounts are not required to be audited for the financial year 2022-23, the last date for filing income tax returns is 31 July. ITR-1 is filled by other persons including salaried class and senior citizens. Whereas ITR-2 is filled by companies and professionals. This is for units that have opted for presumptive taxation and whose annual income does not exceed Rs.50 lakh.
Offline ITR-2 form released
Before this, ITR-2 offline form has been issued by the department for filing income tax return. An important change in the ITR form is that you will have to give information about virtual currency and digital assets. If you submit offline or online ITR form, then it is necessary to verify it. If the ITR is not verified, it will not be processed by the Income Tax Department.
Who can fill ITR-2
If your annual income is Rs 50 lakh or more then you should fill ITR-2 form. Under this, more than one residential property, capital gain or loss received on investment, dividend income of more than 10 lakhs and income from agriculture will have to be disclosed. Apart from this, if you have earned as interest from PF, then this form will also be filled.
