How To File ITR 1 For AY 2023-24 Online?

In an effort to make the process of submitting income tax returns for FY 2022-23 and Assessment Year 2023-24 simpler, the Income Tax Department has introduced an online mode to file Income Tax Return (ITR). The ITR forms ITR-1 and ITR-4 can now be filed by taxpayers to submit returns for the Assessment Year 2023-24 in online mode with pre-filled data.

The tax return is being filed for the FY 2022-2023 i.e. AY 2023-2024. For salaried individuals and taxpayers whose accounts do not need to be audited, the last date to file an ITR is July 31, 2023.

How to File ITR-1?

Step 01: Visit the official ITR portal at https://www.incometax.gov.in/iec/foportal/
Step 02: Log in to ITR Portal using your PAN and password
Step 03: Now, click on the "e-file" option.
Step 04: Now, click on the "Income Tax Return" link.
Step 05: Select the submission mode as "Prepare and submit online"
Step 06: Fill out all the applicable fields of the ITR form carefully to avoid any misinformation.
Step 07: Submit the form after selecting the appropriate verification option under the "Taxes paid and Verification" page.

Who are eligible for ITR-1?

For people with a combined income of up to Rs 50 lakh, the ITR-1 form is used for tax filing. The revenue should come from salaries, one residential property, additional sources like interest, etc., and up to Rs 5000 from agriculture.

What is ITR-4? Who Should File?

ITR 4, also known as Sugam ITR-4, is to be filed by the individuals/HUF/ Partnership firm whose total income of AY 2020-21 is up to 50 lakh rupees. It is the ITR form for taxpayers who opt for a presumptive income scheme under sections 44AD, 44ADA, and 44AE of the IT Act.