Income Tax Return Form (ITR) for Assessment Year 2023-24 (income earned in FY 2022-23) has already been issued. Under the new rules, persons against whom tax authorities have conducted search or seizure operations can also file Revised ITR under Section 1C based on self-assessment of undisclosed assets in Form ITR-1.
Apart from this, the CBDT had also made some changes in the ITR-1 form last February with regard to the disclosures to be made under section 1(139). Under this section, people with annual taxable income of less than 2.5 lakhs voluntarily submit the ITR form. Under the new change, such individuals will not be required to furnish further details in their ITR forms even if the value of their fixed deposits has crossed Rs 1 crore.
ITR Form for FY 2022-23
Most taxpayers file ITR-1 and ITR-4 forms to report their income. These forms cater to the needs of most small and medium taxpayers.
ITR-1 can be filled by a person whose annual income does not exceed 50 lakhs, whose income comes through salary, owns a house and has other sources of income including interest. On the other hand, ITR-4 can be filled by individuals, Hindu Undivided Families and firms, whose annual income does not exceed 50 lakhs and this income comes from business or profession.
ITR-2 is filed by a person whose income comes from residential property and whose annual income is more than Rs 50 lakh. ITR-3 is filed by professionals. While ITR-5 and ITR-6 are used by LLPs and Businesses respectively.
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The Income Tax Department has not released the online ITR forms yet, but it has released the offline ITR-1 and ITR-4 forms for the assessment year 2023-24.
In the offline mode, taxpayers first download the ITR form and then fill it and upload it on the income tax department’s portal. On the other hand, in the online form, taxpayers can fill their income related information directly on the income tax website itself.
Who is eligible to file ITR-4 form?
ITR-4 can be filed by individuals, Hindu Undivided Families and firms (other than LLPs) who have-
- Income should not exceed ₹ 50 lakh in a financial year
- Income from business and profession, which is computed on the basis of an estimate under section 44AD, 44ADA or 44AE
- Income from salary/pension, one house, income from agriculture (up to Rs.5,000):
- Income from salary/pension, one house property, agricultural income (up to ₹ 5000/-)
- Other sources (does not include income from lotteries and horse races)
Interest from savings account
- Interest on Deposit (Bank/Post Office/Co-operative Society)
- Interest from income tax refund
- Family Pension
Interest received on enhanced compensation
Any other interest income (eg, interest from unsecured loan etc.)
What are the documents required to file ITR-4?
You need to keep the following documents ready for filing ITR-4:
- Form 16
- Form 26AS and AIS
- Form 16A
- Bank statement
- Housing Loan Interest Certificate
- Donation receipt
- Rent Agreement
- Rent receipts
- Payment receipt of premium for any investment – LIC, ULIP etc.
You can also visit the official website of Income Tax Department (https://www.incometax.gov.in/iec/foportal/help/e-filing-itr4-form-sugam-faq) for more details.
