Income Tax Portal Update: Online Mode with Pre-filled Data Enables for Form ITR 1 and ITR 4

Income Tax Portal has updated the facility of pre-filled data in the online mode for the Income Tax Returns Form ITR 1 and ITR 4. The income tax department, through its official e-filing portal, has informed the taxpayers that the excel utilities of ITR 1 and ITR 4 for AY 2023-24 are available for filing.

The Union Finance Minister Nirmala Sitharaman has mentioned that there will be a Pre-filled data in the Income Tax Returns Forms in her budget speech in 2019-20. The possibility to use pre-filled data in the online mode makes it easier for taxpayers to complete the form and it is expected that the taxpayers have filled the form carefully.

Form ITR 1 is for individuals who are residents (other than those who are not habitually residents) and who have a total annual income of up to Rs. 50 lakh, including income from salaries, one residential property, other sources (such as interest), and up to Rs. 5,000 from agriculture.

Aside from LLPs, Form ITR 4 is applicable to individuals, Hindu Undivided Families, and firms, being a resident with a combined income of up to Rs. 50 lakh, income from a business or profession that is taxable under Sections 44AD, 44ADA, or 44AE of the Income Tax Act, and income from agriculture up to Rs. 5,000.

Steps to File Income Tax Return in Online Mode

1. Login to Income Tax Portal
2. Navigate to  “e-file” menu< “Income Tax return”< Select the submission mode as “Prepare and submit online”
3. Fill out the form you want to submit, i.e. Form ITR 1 or ITR 4 either manually entering details or with pre-filled data (as now enabled by the portal).
4. Click the appropriate verification option in the “Taxes paid and Verification” tab
5. Submit the Form

The Income Tax Department also released the JSON Schema for ITR-1 and ITR-4 for the Financial Year 2022-23 or Assessment Year 2023-2024.

Download Schema for ITR -1 here.

Download Schema for ITR -2 here.

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