CBDT had announced Forms for ITR 1 to 7 for FY 2022-23 in February 2023, but those were just PDF forms, wherein people could see what were the major changes in ITR forms but they could not file the same.
Now, CBDT has provided fillable Forms for ITR 1 and 4, and one can file the same on Income tax website using online or offline utility.
Last year a few conditions have been added for those who cannot file ITR 1 which are as under:
In the following cases a person won’t be allowed to file ITR 1: Where TDS has been deducted u/s 194N or if income-tax is deferred on ESOP.
Now let’s see who can file ITR 1:
ITR 1 Saral:-
ITR 1 is the most simple and small form there are just 3-4 pages which you need to fill where you need to provide details of your salary income, your total salary you can’t add different employers if you work for 2 employers or have changed job in between. Then you need to provide details of your house property income and then income from other sources and last you need to mention details of exempt income on verification page. Therefore ITR 1 is also called SARAL.
Let’s first understand who are eligible for filing ITR 1:
Assessee type: Resident Individual or HUF
Type of income: Salary income, Income from one house property, Income from other sources, Agricultural income upto Rs. 5,000 and exempt income from capital gain (but I don’t think now there is any exempt income under capital gain).
Now let’s see when you are not eligible to use ITR 1:
Assessee Type: All assessee other than Individual and HUF, also non resident individual and individual who have foreign asset or income.
Type of income: More than one House property, income from lottery or horse race, taxable income from capital gain (even if it’s loss)
Some other important points: If you have any loss under house property which you wish to carry forward and set off then you need to switch to ITR 2. Also if your total income is above Rs. 50 lakh you can’t use ITR 1.
Therefore if you attract any of the above conditions then you need to file ITR 2. Therefore an individual or HUF earning any type of income other than business income can file ITR 2.
In current year’s ITR 1 only 1 change has been made wherein assessee has been now again allowed to file income tax return against notice u/s 153C of the Act which was removed last year. We are not sure why this option has been made available as now section 153C is of no use.
Although ITR’s are available we won’t suggest anyone to start filling the ITR’s now as we have learned from previous years CBDT might make few changes in them hence we would advice you to wait till month end and then start filing ITR or if you wish to claim any TDS credit then we would recommend to wait till 15th of June for TDS credit to be available.
No major change has been made in ITR Forms but the method/ system of filing ITR form has been changed.
Also, CBDT has mentioned that it has discontinued Java utility from AY 2021-22 onwards and now assessee needs to prepare Income Tax return using common utility provided by Income tax department which generated JSON file but Excel and Java utility shall be available for earlier years.
If you wish to get your Income tax return filed by our experts at Taxontips you can book your slot using the below mentioned links.
You can book phone consultation/ assistance online with expert as mentioned below:
To book ITR filing with experts CLICK ME.
To book phone consultation with experts for any Income tax related matters CLICK ME.
To book consultation for Faceless Assessment with experts CLICK ME.
To book phone consultation with experts for GST related matters CLICK ME.
To book general phone consultation with expert CLICK ME.
