Are you filing the income tax return for any of the following reasons itr1

There may be various reasons for filing income tax return (ITR), the primary one being to report the annual income of a taxpayer. To do so, the Income Tax Department has provided different ITR forms. These are attachment-less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically).

Salaried employees can soon get their Form 16 from their employer to file their Income Tax Returns (ITR) for assessment year (AY) 2023-24. To make the tax filing process more manageable, the I-T department pre-fills ITR forms with details of income and taxes paid by the assessee during the year. However, taxpayers should remain cautious while using pre-filled ITR forms and consider filing only after verifying all information present in the forms before submitting it or assessment. Thus, even though the tax filing season has officially started, one should wait for Form 16 from their employer. Mostly salaried individuals are eligible to fill in ITR-1 (Sahaj). This form applies to taxpayers with income no more than Rs 50 lakh for the financial year. Vijay Bharech, Deloitte Haskin & Sells LLP, says, “Employers are required to issue Form 16 to employees by June 15, 2023, for the financial year 2022-23. As a run-up to tax filing, taxpayers should also collate details of other income such as capital gains statements, details of interest income of fixed deposits, rental income and any investment made for claiming deductions. They should also compute the final tax liability and pay the remaining tax if required to avoid additional interest liability. Before filing the tax returns, taxpayers need to verify the details reported in their Form 26AS, AIS (Annual Information Statement) and TIS (Taxpayer Information Summary).” Taxpayers must also ensure that income details match these...

Made an error while filing your income tax returns? You can file a revised Income Tax Return (ITR) to remedy any errors or omissions that you may have submitted in the initial ITR. A revised return can be filed before the end of the relevant Assessment Year (AY) or before the end of the assessment process, whichever comes first. As per section 139 (5) of the Income Tax Act, 1961, taxpayers can rectify their mistakes in their ITR form by filing a revised Income Tax Return through the online portal – incometaxindiaefiling.gov.in, or by any other means before the end of the assessment process. The last date to file the revised ITR for the FY 2022-23 (AY 2023-24) is December 31, 2023. Revised ITR form: Steps to file Step 1: Go to the Income Tax e-Filling portal — Income Tax Return for FY 2022-23: Know which ITR form applies to you ITR filing: Things to remember before filing your income tax return Step 2: Log in to the portal by entering your user PAN, password and captcha code. Step 3: Click on the e-file menu and then select the ‘Income Tax return’ option. Step 4: On the ITR page, select the assessment year, the form number and click on the filing online option. Step 5: Select “Revised return under section 139(5)” under the return section and “Return Filing Type” on the General Information tab of the online ITR form. Step 6: Enter the acknowledgement number and date of filing the original ITR. Step 7: Fill or correct the relevant details in the ITR forms and click on submit....

An income tax refund is the money you get back from the government if you paid more in taxes than you were supposed to. For example, if you had too much tax deducted from your salary or if you paid too much in advance taxes, you can claim a refund. It’s a way to make sure you don’t lose any extra money that you overpaid in taxes. The government has made it easy to get your refund by offering online options. Once you’ve filed your tax returns and they have been verified, it usually takes about 20-45 days for the refund to be processed. To check the status of your income tax refund, follow these steps: Step 1: Visit the income tax e-filing website at https://www.incometax.gov.in/iec/foportal. Income Tax Return for FY 2022-23: Know which ITR form applies to you ITR filing: Things to remember before filing your income tax return Step 2: Log in to your account using your PAN details, OTP, and Captcha. Step 3: Once logged in, click on the “e-file” option. Step 4: Go to the “income tax returns” tab and click on “View Filed Returns.” Step 5: From there, you can check the status of your latest filed ITR. Step 6: Click on “View Details” to check the status of your income tax refund. Please note that there are different types of ITR forms for different tax filers, so make sure to select the correct form while filing your income tax return for the assessment year 2023-24. You are eligible to receive an Income Tax Refund if you have paid more taxes than you actually owe for a specific ...

Income Tax Return (ITR) filing online for Assessment Year 2023-24: Taxpayers can now file returns for AY 2023-24 through Income Tax Return (ITR) forms ITR-1 and ITR-4 on the e-filing portal in online mode with prefilled data. “Income-tax Returns Form ITR 1 and ITR 4 are enabled at the portal in Online mode with prefilled data,” the Income Tax Department said on Saturday (May 21). “ITR 1 and 4 for A.Y. 2023-24 are enabled for filing in online mode at e-filing portal. Earlier, excel utilities for ITR 1, 2 & 4 for A.Y. 2023-24 had already been enabled. The software/utilities for preparing other ITRs/ Forms will be enabled shortly. Information regarding the same will be made available to the taxpayers on the e-filing portal,” the Income Tax Department tweeted on May 23 in response to a query posted by a user. Government takes revenge for ‘Revenge Travelling’ – Here’s how Who is eligible for ITR-1? The Also Read: Who is eligible for ITR-4? The ITR-4 form for tax filing is for individuals, HUFs and Firms (other than LLP), who are residents with income up to Rs 50 lakh. Such income should be from business and profession, which is computed under sections 44AD, 44ADA or 44AE and agricultural income up to Rs 5000.

Change in the new income tax portal: • Login can be done by user ID or Net banking. • User ID can be PAN or Aadhaar for individuals and other than individuals. FY 2022-23 (AY 2023-24) Income tax return (ITR) e-filing last date: The last date of ITR filing for FY 2022-23 (AY 2023-24) will be announced later, but usually the last date remains 31st July. Major Contents in the Post: (Jump to the Section) • • • • • • • • Income tax return e-filing (ITR e-filing): How to e-file ITR in FY 2022-23 (AY 2023-24)? For e-filing Income tax, there are 2 options: Online (Recommended) and Offline (using HTML utility). Without the help of CA or experts, you can do ITR efiling at home or office by yourself. Just to boost your confidence up, even if something goes wrong, you can revise your ITR filing any number of times, so no worry. First question before filing of income tax return comes that which ITR form I have to fill. Every person’s assets and liabilities are different, so based on the description below, you have to select ITR form and properly fill it. Also, which ITR form can be filled online or offline way, is also mentioned here. ITR forms list to file 1. Offline ITR e-filing: download the ‘offline utility’ or ‘pre-filled data’ and upload it: • Go to incometax.gov.in • Login through your PAN, Aadhaar, Net banking and others. • The dashboard will come reflecting your profile, total outstanding demand, tab ‘file now’ for filing ITR, ‘pending action’ tab and grievance tab. • Now, und...

Income Tax Return (ITR) filing online for Assessment Year 2023-24: Taxpayers can now file returns for AY 2023-24 through Income Tax Return (ITR) forms ITR-1 and ITR-4 on the e-filing portal in online mode with prefilled data. “Income-tax Returns Form ITR 1 and ITR 4 are enabled at the portal in Online mode with prefilled data,” the Income Tax Department said on Saturday (May 21). “ITR 1 and 4 for A.Y. 2023-24 are enabled for filing in online mode at e-filing portal. Earlier, excel utilities for ITR 1, 2 & 4 for A.Y. 2023-24 had already been enabled. The software/utilities for preparing other ITRs/ Forms will be enabled shortly. Information regarding the same will be made available to the taxpayers on the e-filing portal,” the Income Tax Department tweeted on May 23 in response to a query posted by a user. Government takes revenge for ‘Revenge Travelling’ – Here’s how Who is eligible for ITR-1? The Also Read: Who is eligible for ITR-4? The ITR-4 form for tax filing is for individuals, HUFs and Firms (other than LLP), who are residents with income up to Rs 50 lakh. Such income should be from business and profession, which is computed under sections 44AD, 44ADA or 44AE and agricultural income up to Rs 5000.

An income tax refund is the money you get back from the government if you paid more in taxes than you were supposed to. For example, if you had too much tax deducted from your salary or if you paid too much in advance taxes, you can claim a refund. It’s a way to make sure you don’t lose any extra money that you overpaid in taxes. The government has made it easy to get your refund by offering online options. Once you’ve filed your tax returns and they have been verified, it usually takes about 20-45 days for the refund to be processed. To check the status of your income tax refund, follow these steps: Step 1: Visit the income tax e-filing website at https://www.incometax.gov.in/iec/foportal. Income Tax Return for FY 2022-23: Know which ITR form applies to you ITR filing: Things to remember before filing your income tax return Step 2: Log in to your account using your PAN details, OTP, and Captcha. Step 3: Once logged in, click on the “e-file” option. Step 4: Go to the “income tax returns” tab and click on “View Filed Returns.” Step 5: From there, you can check the status of your latest filed ITR. Step 6: Click on “View Details” to check the status of your income tax refund. Please note that there are different types of ITR forms for different tax filers, so make sure to select the correct form while filing your income tax return for the assessment year 2023-24. You are eligible to receive an Income Tax Refund if you have paid more taxes than you actually owe for a specific ...

There may be various reasons for filing income tax return (ITR), the primary one being to report the annual income of a taxpayer. To do so, the Income Tax Department has provided different ITR forms. These are attachment-less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically).

Salaried employees can soon get their Form 16 from their employer to file their Income Tax Returns (ITR) for assessment year (AY) 2023-24. To make the tax filing process more manageable, the I-T department pre-fills ITR forms with details of income and taxes paid by the assessee during the year. However, taxpayers should remain cautious while using pre-filled ITR forms and consider filing only after verifying all information present in the forms before submitting it or assessment. Thus, even though the tax filing season has officially started, one should wait for Form 16 from their employer. Mostly salaried individuals are eligible to fill in ITR-1 (Sahaj). This form applies to taxpayers with income no more than Rs 50 lakh for the financial year. Vijay Bharech, Deloitte Haskin & Sells LLP, says, “Employers are required to issue Form 16 to employees by June 15, 2023, for the financial year 2022-23. As a run-up to tax filing, taxpayers should also collate details of other income such as capital gains statements, details of interest income of fixed deposits, rental income and any investment made for claiming deductions. They should also compute the final tax liability and pay the remaining tax if required to avoid additional interest liability. Before filing the tax returns, taxpayers need to verify the details reported in their Form 26AS, AIS (Annual Information Statement) and TIS (Taxpayer Information Summary).” Taxpayers must also ensure that income details match these...