Income tax payers can now file income tax returns on the e-filing portal for the assessment year 2022-23. When you fill the ITR online on the e-filing portal, you will have the option to choose one of the two forms there. You have to choose between ITR Form-1 and ITR Form-4. Most taxpayers pay their taxes using this form. Most of the information in this form is already filled in which the taxpayer has to verify. In addition, incorrect information needs to be corrected.
Who should fill ITR Form-1?
People with a total income of up to Rs 50 lakh including salary, assets, interest and agricultural income will have to fill up this form. In this you will have to disclose the income from salary, income from home property, income from interest, income from dividends. If your income comes in any other way, you cannot use this form to file an income tax return.
Income Tax Return: Fill ITR for the year 2022-23 as soon as possible; Otherwise a fine will have to be paid; Know the deadline
Who should fill ITR Form-4?
If your annual income is more than Rs 50 lakh and your income is from business and occupation as calculated in Section 44AD, 44ADA or 44ADE, then you do not need to fill ITR Form-1. You have to select ITR Form-4 and file your ITR.
What documents are required to file an income tax return?
To file ITR on e-filing portal, you need to have PAN card, Aadhar card, Form 16, bank account details, investment details and proofs and other proof of income. Not only this, it is also necessary to link PAN and Aadhaar to file ITR. The e-mail ID of the taxpayer should also be registered with the Income Tax Department.