Every person whose income is taxable is required to file an ITR. People who file income tax returns must do so in accordance with the various income tax slabs. Additionally, tax slabs vary depending on an individual’s income. Additionally, people must submit their Income Tax Returns using a variety of forms. It is crucial to know facts about them in this circumstance. Tell us more.
Financial statement
ITR-1 and ITR-4 forms are now available in an offline format from the Income Tax Department and can be used to file income tax returns for the financial year (FY) 2022–2023. In this context, on April 25, 2023, the Income Tax Department released an offline utility for income tax return Forms 1 and 4.
To switch between the old and new tax systems
ITR-1 and Income Tax Return-4 have undergone some adjustments. In ITR 1 and ITR 4, additional requirements for filing an income tax return were added. These include the previous financial year’s business turnover of more than 60 lakhs, the prior year’s professional turnover of more than 10 lakhs, the previous year’s TDS deducted, etc.
Remember that ITR-1 is for people
Hindu Undivided Families (HUFs), and businesses making money from businesses, whereas income tax return-4 is for individuals, HUFs, and businesses making up to Rs 50 lakh in total revenue. These forms, along with income tax return 2, income tax return 3, income tax return 5, income tax return 6, and income tax return 7, were released in February of this year. In this situation, selecting the incorrect form can cause issues when filing an ITR.
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