The Income Tax Department has released the latest version of the common offline utility for the Income Tax Returns (ITR) 1 to ITR 4 on 22nd September 2023.
An offline utility for income tax is a software tool provided by the income tax department or relevant tax authorities that allows taxpayers to prepare and file their income tax returns offline, without the need for an internet connection. This utility typically comes in the form of downloadable software or an Excel spreadsheet that can be filled out with taxpayer information and financial details.
ITR 1
ITR-1, also known as Sahaj Form, is one of the income tax return forms used by individual taxpayers in India to file their annual income tax returns. It is meant for individuals who have income from sources such as salary or pension.
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ITR 2
ITR-2 can be filed by individuals or HUFs who are not eligible to file ITR-1 (Sahaj). Do not have income from profit and gains of business or profession and also do not have income from profits and gains of business or profession in the nature of interest, salary Bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.
ITR 3
ITR-3 is an income tax return form used by individual taxpayers in India who have income from business or profession. It is designed for individuals, Hindu Undivided Families (HUFs), and partnership firms that earn income from entrepreneurial activities or professional services.
ITR 4
ITR-4, also known as “Sugam,” is an income tax return form used by individuals and Hindu Undivided Families (HUFs) in India who have income from a presumptive business. It is designed for taxpayers who have opted for the presumptive taxation scheme under Section 44AD, Section 44ADA, or Section 44AE of the Income Tax Act.
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