For the 2022–23 fiscal year, the Income Tax Department has made it possible for individuals, professionals, and small enterprises to file Income Tax Returns (ITRs) 1 and 4 online.
The software/utilities for creating other ITRs/Forms would be enabled soon, the Income Tax Department stated in a tweet. In response to a tweet, the department stated, "ITR 1 and 4 for Accounting Year 2023-24 are enabled for filing in online mode at e-filing portal."
For those who do not need to have their accounts audited, July 31 is the deadline for filing income tax returns for the fiscal year 2022–2023 in question.
Individuals, including members of the salaried class and older citizens, file ITR-1 forms.
Individuals with annual incomes under Rs. 50 lakh and firms and professionals who have chosen presumptive taxation must file Form ITR-2.
About Online Filing: Online filing of Income Tax Returns refers to the process of submitting your tax return electronically through the internet. It is an efficient and convenient method for individuals and businesses to file their tax returns with the tax authorities.
Here are some key points about online filing of Income Tax Returns: Accessibility: Online filing allows taxpayers to access and submit their tax returns from anywhere with an internet connection. It eliminates the need for physical paperwork and the requirement to visit a tax office in person.
Electronic Form: Taxpayers can fill out the tax return form electronically on the official tax department's website or through authorized tax software. The online form typically includes sections to provide information about income, deductions, exemptions, and tax liabilities.
Pre-filled Information: In many cases, the online tax filing system may have pre-filled information based on previous returns or information available with the tax department. This reduces manual data entry and enhances accuracy.
Real-time Calculations: The online filing system often performs real-time calculations, ensuring accurate calculations of taxes owed or refunds due. It automatically applies relevant tax rates, deductions, and credits, minimizing errors.