The Central Board of Direct Taxes ( CBDT ) has released the Common Offline Utility for filing ITR-1 and ITR-4 for Assessment Year 2022-23.
Taxpayers can download the ITR Offline Utility through the “Downloads” Menu option, and fill and file the ITR through the same. Online filing of these ITRs shall be enabled shortly.
It is pertinent to mention here that the CBDT had notified the amendments in the income tax return (ITR) forms for the Assessment Year 2022-23 vide Notification No. 21/2022, dated 30-03-2022 & Notification No. 23/2022, dated 01-04-2022.
The income tax return forms have remained mostly similar for the past two years. However, the new ITR forms seek additional disclosures of the date of purchase and sale of land and building. An individual has to choose the suitable option in support of his selection of residential status, i.e., an individual has to choose one out of four options if he is an ordinarily resident in India. Some changes in the ITR forms are consequential to the amendments made by the Finance Act 2021 and Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020.
All persons eligible to file ITR can download the offline utilities for ITRs and use them to file returns.
Who can file ITR-1 return
Form ITR-1 can be filed by a Resident Individual whose:
- Total income does not exceed Rs 50 lakh during the FY
- Income is from salary, one house property, family pension income, agricultural income (up to ?5000/-), and other sources, which include:
- Interest from Savings Accounts
- Interest from Deposits (Bank / Post Office / Cooperative Society)
- Interest from Income Tax Refund
- Interest received on received on Enhanced Compensation
- Any other Interest Income
- Family Pension
- Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above).
Who can file ITR-4 return
ITR-4 can be filed by a Resident Individual / HUF / Firm (other than LLP) who has:
- Income not exceeding Rs 50 Lakh during the FY
- Income from Business and Profession which is computed on a presumptive basis u/s 44AD, 44ADA or 44AE
- Income from Salary / Pension, One House Property, Agricultural Income (up to Rs 5000/-)
- Other sources which include (excluding winning from Lottery and Income from Race Horses):
- Interest from Savings Account
- Interest from Deposit (Bank / Post Office / Cooperative Society)
- Interest from Income Tax Refund
- Family PensionInterest received on enhanced compensation
- Any other Interest Income (e.g., Interest Income from unsecured loan)
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