Income Tax Return 2022-23: When you will file online ITR (online ITR filing) on the e-filing portal, you will have to choose between two forms, ITR Form-1 and ITR Form-4. It is very important to choose the right form because the Income Tax Department does not accept ITR filed with the wrong form.
Income tax payers can now file Income Tax Return (ITR filing 2022-23) on the e-filing portal for the assessment year 2022-23. The last date for filing income tax return for any common person for the financial year 2021-22 is July 31, 2022 (ITR filing 2022-23 Last Date). On the other hand, the last date for filing income tax return for such persons whose business audit is required is 31 October 2022. If a taxpayer has done any specified foreign or domestic transaction, then he can settle this work by 30 November 2022.
When you file ITR online on the e-filing portal, you will get the option to choose any one of the two forms there. ITR Form-1 and ITR Form-4. You have to choose one of these two forms. Today we are telling you which taxpayer has to fill Form-1.
They have to fill Form-1
Most of the taxpayers file income tax return through ITR Form-1. It is also known as Sahaj. This form is to be filled by those people whose total income including salary, property, interest and agriculture income up to Rs 5000 is up to Rs 50 lakh. When a taxpayer selects ITR Form-1 on the e-filing portal, the taxpayer-related information is pre-filled in the form on the e-filing website. But it is important that you check those information properly once. If there is any wrong information in them, then correct it.
They cannot fill Form-1
If you are Individual, HUF (Hindu Undivided Family) and Firm (other than LLP) and your income is up to Rs 50 lakh and you have income from business and profession as per section 44AD, 44ADA or 44AE, then you have to submit ITR Form-1 Will not fill. You have to file your ITR by selecting ITR Form-4.
