ITR Filing for AY 2023-24 Begins with CBDT’s Excel Utilities for ITR-1 and ITR-4
The Central Board of Direct Taxes (CBDT) has recently enabled new Excel Utilities for ITR-1 and ITR-4, making the process of filing returns easier and more convenient. This blog will provide an overview of the new utilities and how they can be used to file your ITR for AY 2023-24.
The ITR department has made available the physical forms for ITR-1 and ITR-4, which can be used for filing income tax returns (ITRs) for the financial year 2022-23 or assessment year 2023-24. These forms got released subsequent to the notification by the Central Board of Direct Taxes (CBDT) in February.
What are ITR utilities?
Let us deconstruct the suitability of ITR-1 and ITR-4 forms
Use ITR 1 while ITR filing if you are a resident of India and have a total income of up to Rs. 50 lakh, which includes income from salary, one primary residence, other sources (including interest income), and up to Rs. 5,000 from agriculture. On the other hand, if a resident individual, Hindu Undivided Family (HUF), or company (except Limited Liability Partnership) has a total income up to Rs. 50 lakh and earns income from business or profession calculated under sections 44AD, 44ADA, or 44AE (Presumptive Taxation Scheme), as well as agricultural income up to Rs. 5,000, they should use ITR 4 to file their income tax returns.
It is worth noting that for salaried individuals to file their income tax returns easily, they require Form 16 issued by their employers. Employers must issue Form 16 by June 15, and the deadline for taxpayers who do not require their accounts to get audited to file their ITRs for AY2023-24 or FY2022-23 is July 31, 2023.
Miscellaneous key points to keep in mind:
ITR 4 now also requires an additional disclosure where the taxpayer must indicate whether they opted out of the new regime under section 115BAC.
The latest ITR forms ask for information on whether the assessee has previously opted out of the new regime. If they had, they will be required to provide information regarding the assessment year during which they opted out, as well as the date of filing and acknowledgement number of Form 10-IE.
Remember to exercise caution,
1) Before selecting the form to be filed, it is recommended to scrutinize the eligibility criteria.
To avoid errors, it is advisable to verify each sheet of the Excel utility individually.
The previous year’s carried-forward losses should be entered.
Do not forget to,
1) It is important to confirm the accuracy of your Permanent Account Number, bank account details, and communication address before submitting.
2) Choose the appropriate Assessment Year.
3) Have your source documents readily available before completing the ITR form.
Guidelines for Completing Income Tax Return Forms
Download and extract the zip file containing the necessary utilities, and then open the utility.
The system needs to adhere to the following standards: Windows 7 or later versions are compatible (ia64 and x64 system binaries can operate on ia32); Windows OS; Architecture: ia32, x36.
Although the due date may be some time away, it is advisable to submit your taxes promptly and take full advantage of tax-saving deductions. There are numerous online platforms available to assist you in completing the ITR filing process quickly and effortlessly.