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Income Tax issued offline ITR-1 and ITR-4 forms for the financial year 2022-23, what were the important changes
ITR-1 and ITR-4 offline forms for FY 2022-23 Some important changes have been made by the Income Tax in the offline ITR 1 and 4 forms for the financial year 2022-23, which we are going to explain in detail in this article.
It was informed by the Income Tax Department that offline versions of ITR Form 1 and Form 4 have been issued for Assessment Year (AY) 2023-24 and Financial Year (FY) 2022-23. Soon the forms for other categories for Assessment Year (AY) 2023-24 will also be released.
The IT department tweeted that the offline versions of ITR Form 1 and ITR Form 4 for Assessment Year (AY) 2023-24 and Financial Year (FY) 2022-23 have been released. Forms for all other categories are being worked out and will be released soon.
This form is used to pay personal tax on behalf of a resident having an annual income of up to 50 lakhs. If your income is salary or pension. Also, you have only one house and have income from other sources (lottery winnings, gambling income and through an account outside India). Whereas, the income from agriculture is up to Rs.5000. Then you can use ITR-1.
This form is used by HUF and the Firm (except LLP) other than the resident. If you have income other than the sources mentioned in ITR-1 from business, profession, goods and carriage etc. then you have to file ITR-4, which is adjusted under sections 44AD, 44ADA and 44AE of income tax. Only those whose annual income is less than Rs 50 lakh can fill out this form.
Due to the old and new tax regime, some important changes have been made in ITR Form 1 and 4 and some conditions have been added for filing income tax. For example, the turnover in the previous financial year should be above Rs.60 lakhs and the professional income should be more than Rs.10 lakhs. Along with this, how much TDS was deducted in the last financial year?
