Income Tax Return Submission: ITR 1, ITR 4 Print Forms Now Available; Examine Particulars

The Income Tax Return (ITR) is a document that taxpayers file with the Income Tax Department to report their income, tax liability, and other relevant information. The Income Tax Department has released the print forms for ITR 1 and ITR 4 for the financial year 2022-23. Taxpayers can now download and print these forms from the Income Tax Department's website or from designated centers.

ITR 1 Form: Applicable for Individuals with Income up to Rs 50 Lakh

ITR 1, also known as Sahaj, is a form that is applicable to individuals who have income from salaries, one house property, and other sources up to Rs 50 lakh. The form can also be used if the individual has income from agricultural activities up to Rs 5,000.

The form has several sections that require information such as personal details, income from salaries, house property, other sources, and deductions under various sections of the Income Tax Act. The form also has a schedule for tax payments, which requires the taxpayer to disclose details of advance tax, self-assessment tax, and tax deducted at source (TDS).

ITR 4 Form: Applicable for Individuals and HUFs with Income up to Rs 50 Lakh

ITR 4, also known as Sugam, is a form that is applicable to individuals and Hindu Undivided Families (HUFs) who have income from presumptive business or profession up to Rs 50 lakh. The form can also be used if the individual or HUF has income from salaries, one house property, and other sources up to Rs 50 lakh.

The form has several sections that require information such as personal details, income from presumptive business or profession, income from salaries, house property, other sources, and deductions under various sections of the Income Tax Act. The form also has a schedule for tax payments, which requires the taxpayer to disclose details of advance tax, self-assessment tax, and TDS.

Examine Particulars

While filling out the ITR forms, it is essential to ensure that all the particulars are correctly filled in. Any incorrect or incomplete information can lead to delays in the processing of the return, and in some cases, the Income Tax Department may even reject the return. Here are some of the critical particulars that taxpayers should examine while filling out the ITR forms:

Personal Details: Taxpayers should ensure that their personal details such as name, address, and PAN are correctly filled in.

Income from Various Sources: Taxpayers should accurately disclose their income from various sources such as salaries, house property, other sources, and presumptive business or profession.

Deductions: Taxpayers should ensure that they have correctly claimed deductions under various sections of the Income Tax Act such as Section 80C, Section 80D, and Section 80G.

Tax Payments: Taxpayers should disclose details of advance tax, self-assessment tax, and TDS correctly.

Conclusion

The release of the print forms for ITR 1 and ITR 4 is a significant step towards the submission of income tax returns for the financial year 2022-23. Taxpayers should examine the particulars carefully while filling out the forms to avoid any delays or rejections. With the deadline for filing income tax returns fast approaching, it is advisable to file the returns early to avoid any last-minute rush or penalties.