Offline Forms Have Been Released For Filing Income Tax Returns.

On Wednesday, the Income Tax Department made forms that are offline to file income tax returns available. As of right now, the I-T Department has made the excel tool for ITR 1 and ITR 4 available. There are seven different forms, and their applicability, dollar amounts, and taxpayer types depend on the sort of income.

Excel utilities for ITR 1 and 4 for AY 2023–24 have been activated, according to the income tax notification.

The Income Tax Division made offline forms for filing income tax returns accessible on Wednesday. The Excel utility for ITR 1 and ITR 4 is currently available from the IT Department. There are seven distinct forms, and depending on the type of income, their application, cash amounts, and taxpayer kinds will vary.The income tax notification states that the Excel services for ITR 1 and 4 for AY 2023–24 have been turned on.

In order to make the new tax system appealing to individuals, many modifications were also made in the budget for 2023. In FY 2023–24, the new tax system’s six income tax slabs will be reduced to five. The income tax rates and slabs under the previous tax system remained unchanged in Budget 2023 as well.

The utility must be downloaded from the taxation department’s e-filing portal if a person wants to file an ITR right away.

Once the utility form’s information regarding income and deductions has been completed, it must then be uploaded to the revenue tax e-filing portal. One must simply enter the information for the online form into the online form found on the e-filing revenue tax portal. It is important to keep in mind that after the ITR form has been submitted.

Although the revenue  department has now made the offline forms available, many salaried people still require Form 16 to their employers in order to submit their ITRs quickly. Employers have until June 15 to submit Form 16 to employees. For taxpayers whose accounts do not need to be audited, the deadline to file an ITR is the last day of July 2023 (AY 2023–2024).

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