Offline ITR-1, 4 Forms FY 2023-24: Income Tax Department Releases New Forms For AY 2024-25; Know The Details Here

 

Offline ITR-1 and ITR-4 forms for FY 2023-24 released by the Income Tax Department, allowing pre-filled return download. Filing de... Read More

Offline ITR-1,4 forms FY 2023-24 released: The Income Tax Department has released the offline ITR 1 and ITR 4 forms for the financial year 2023-24 (Assessment Year 2024-25). The department released offline forms (JSON utility) for ITR-1 and ITR-4 on March 18. These forms will be applicable for filing from April 1, onwards.

According to the income tax e-filing website, the JSON utility facilitates the download and importation of pre-filled return data into the offline utility. It is also used for generating prepared ITRs offline.

As per an ET report, for individuals whose accounts are not required to undergo auditing, the deadline to file income tax returns for FY 2023-24 is July 31, 2024.

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There are two methods available for filing income tax returns via the income tax e-filing website

ITR filing using JSON utility: To file partially offline, taxpayers download the utility form from the income tax e-filing website. Then, they manually enter income and other necessary details for the specific financial year. Alternatively, they can import data into the JSON utility. After completing all details, the schema is uploaded on the income tax e-filing website.

ITR filing online via tax filing portal: In the fully online mode, taxpayers log into their e-filing portal account and select the 'File income tax return' option. Typically, most income-related details are filled in automatically. However, it's essential for taxpayers to review all details in the online ITR forms before submitting them finally. The income tax department has not yet released the online ITR forms for FY 2023-24 (AY 2024-25), states the ET report.

It is important to note that the income tax department has released the income tax return forms before the conclusion of the financial year 2023-24, between December 2023 and February 2024. Once notified, the income tax department must make both online and offline forms available on the e-filing website. Typically, the income tax department notifies the ITR forms after the financial year ends, which is usually in April.

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Who is eligible to file ITR-1 and ITR-4?
Determining the appropriate ITR form depends on the taxpayer's sources of income:

ITR-1 FormSuitable for residents (excluding not ordinarily residents) with gross total income up to Rs 50 lakh. This form applies to individuals with income from salaries, one house property, other sources (such as interest), and agricultural income up to Rs 5,000.

ITR-4 FormApplicable to residents, Hindu Undivided Families (HUFs), and firms (except LLPs) with total income up to Rs 50 lakh. This form is for those with income from business and profession computed under sections 44AD, 44ADA, or 44AE, along with agricultural income up to Rs 5,000.

Salaried individuals who have capital gains from the sale of equity shares, equity-oriented mutual funds, debt mutual funds, or any other assets must file their income tax returns using the ITR-2 form. However, as of now, the income tax department has not released online or offline forms for other income tax return forms.