Excel utilities for ITR 1 & 4 for AY 2023-24 have been enabled. Please refer to the live ticker on the e-filing portal: incometax.gov.in
The software/utilities for preparing other ITRs / Forms for A.Y. 2023-24 will be enabled shortly. Information regarding the same will be made available to the taxpayers on the e-filing portal.
We appreciate your patience while we are working on this.
Once the income and deduction-related information in the utility form is filled, then it will be required to be uploaded on the income tax e-filing portal. For the online form, one is directly required to enter the information on the online form available on the e-filing income tax portal. One should remember that once the ITR form is submitted (either in offline or online mode), it be verified as well. ITR will not be taken up for processing by the income tax department unless it is verified by the taxpayer.
Though the offline forms have been released by the income tax department now, many salaried individuals need Form 16 from their employers to able to file ITR easily. The due date to issue Form 16 by an employer is June 15. The last date to file ITR for taxpayers (whose accounts are not required to be audited) is July 31, 2023 for FY 2022-23 (AY 2023-24).
From the usual departure, the CBDT notified the income tax return form early in February. Usually, the income tax returns are notified in the month of April.
There is no major change in the income tax return form this year. The only major change in the ITR form is that it asks taxpayers to provide information related to crypto and virtual digital assets transactions.
The government amended the income tax laws and made crypto and other virtual digital assets taxable from April 1, 2022. The announcement of crypto and virtual digital assets taxation was announced in Budget 2022.
Navigating ITR Forms: “Their Purpose and Applicability”
Old and new income tax regimes
Finance Minister Nirmala Sitharaman during her Budget speech said that from April 1, 2023, the new income tax regime will act as the default tax regime. Taxpayers will be given a choice to choose their regime, in case they don’t, the income tax will be calculated as per the new tax regime.
The new tax regime, which was introduced in the 2020 Budget, is known as the ‘Simplified Tax regime,’ and offers reduced tax rates if the taxpayer is ready to forego some deductions and exemptions during I-T calculations.
There are several changes to the new regime, which have been done such as increased rebate has been allowed on income up to Rs 7 lakh along with marginal relief available in the new tax regime.
There are six income slabs now in the new regime with the increased basic exemption limit to Rs 3 lakh from the previous limit of Rs 2.5 lakh.
In addition, the maximum rate of surcharge is 25 per cent in the new tax regime, whereas the maximum surcharge rate under the old regime was 37 per cent.
The taxpayers under the new regime have to forgo exemptions if they opt for new tax regime such as Leave Travel Allowance, House Rent Allowance, Children Education Allowance, Deduction for professional tax, Interest on housing loan,s and deductions on specified investments, etc.
Old tax regime
The old regime is the tax system that prevailed before the introduction of the new regime. Under this regime, there are over 70 exemptions and deductions available, including HRA and LTA that can reduce your taxable income and lower tax payments. The most popular and generous deduction is Section 80C, which allows for a reduction of taxable income up to Rs 1.5 lakh.