Attention Taxpayers! Online ITR Filing Enabled For AY 2023-24

The Income Tax department has enabled online filing of income tax returns (ITRs) 1 and 4, filed by individuals, professionals and small businesses, for the financial year 2022-23 (or assessment year 2023-24).

In a tweet, the income tax department said, the software/utilities for preparing other ITRs/ Forms will be enabled shortly.

“ITR 1 and 4 for A.Y. 2023-24 are enabled for filing in online mode at e-filing portal,” the department said in reply to a tweet by an individual.

The last date for filing Income Tax returns for fiscal 2022-23 for people who do not need to get their accounts audited is July 31.

ITR-1 is filed by individuals, including salaried class and senior citizens.

ITR-2 is filed by businesses and professionals who have opted for presumptive taxation and those individuals whose annual income doesn’t exceed Rs 50 lakh.

ITR 4 is for resident individuals, HUFs and firms (other than LLP) having total income up to Rs 50 lakh and having income from business and profession which is computed under Sections 44AD, 44ADA or 44AE and agricultural income up to Rs 5,000.

Meanwhile, the income tax department had earlier enable offline filing of the ITR by making available Excel utilities for ITR 1, 2 & 4 for A.Y. 2023-24.

Online Vs Offline ITR

Radhika Viswanathan from Deloitte Haskins & Sells LLP, said, “Online or offline ITR is not a selection by random choice but depends on the taxpayers’ situation and associated factors.”

She added that the online mode will be quicker if all details are readily available, and the taxpayer is comfortable working directly on the tax filing portal. On the other hand, an offline utility would be better if there are multiple information flows over different time periods — here one can add as and when the details are available. “Internet connectivity and the volume of data to be fed should also be considered.”

“Paper returns are accepted for a limited set of taxpayers, such as very senior citizens with non-business income. However, for effective and quicker processing, online filing is preferable,” Viswanathan said.

In the offline method, taxpayers are required to download the relevant form, fill it and then upload it on the department’s portal. However, in the online form, taxpayers can directly fill details about their incomes on the income tax portal and submit it. In both modes, the forms need to be verified by the taxpayers.

(With PTI Inputs)