The Income Tax Department has released offline forms for filing income tax returns on Wednesday. As of now, I-T Department has released the excel utility for ITR 1 and ITR 4. There are seven types of forms, and the nature of the income determines their applicability, amount, and type of taxpayer.
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The income tax notified, “Excel utilities for ITR 1 & 4 for AY 2023-24 have been enabled. Please refer to the live ticker on the e-filing portal: https://www.incometax.gov.in/iec/foportal/ The software/utilities for preparing other ITRs / Forms for A.Y. 2023-24 will be enabled shortly.”
In ITR 1, individuals being a resident (other than not ordinarily resident) having total income upto Rs 50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs 5 thousand need to opt for ITR 1.
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Meanwhile, for ITR 4, individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE and agricultural income upto Rs 5 thousand need to opt for ITR 4.
Read More:–Income Tax Return filing: ITR 1, ITR 4 offline forms available now
Many changes were also announced in the new tax regime to make it attractive for the individuals in the Budget 2023. The income tax slabs under the new tax regime have been reduced to five in FY 2023-24 from six. Also, there were also no change in the income tax slabs and rates under the old tax regime in Budget 2023.
