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Updated on: Jan 3rd, 2024
23 min read
The CBDT has released ITR-1 and ITR-4 forms, for the Financial Year 2023-24. These forms will be applicable for filing income tax returns for the assessment year 2024-25 and its deadline is set for July 31, 2024, unless an extension is granted. In an effort to streamline the filing process and discourage delays, the Income Tax department has introduced these two ITR forms early. If you are wondering what has changed in ITR-1 and ITR-4, here's a summary of the changes done to ITR-1 and ITR-4:
ITR-1, also known as Sahaj Form, is for a person with an income of up to Rs.50 lakh.
ITR-1 is a simplified one-page form for individuals receiving income of up to Rs 50 lakh from the following sources :
Aadhaar Card is mandatory for income tax return filing: The income tax department has made it mandatory for all taxpayers to link their Aadhaar card with their PAN on the income tax department website.
Documents which you need to file the ITR-1 form are:
Step 1 - Visit the Income Tax e-filing portal'
Step 2 - Register or Log in to your account
Step 4 - Select e-file > Income Tax Returns > File Income Tax Return
Step 5 - Select the Assessment Year as 2023-24 and the mode of filing as ‘Online’
Step 6 - Click on ‘Start New Filing’
Step 7 - Select the applicable status
Step 8 - Select ITR-1 as form type
Step 9 - Click on ‘Let’s Get Started’
Step 10 - Select the appropriate reason and ‘continue’
Step 11 - Now you will have to fill up 5 sections here
Step 9 - Double-check to ensure the summary of tax computation is correct
Step 10 - Rectify the errors, if any and complete the validation
Step 11 - E-verify the ITR
Step 1: Log in or sign up on the Cleartax portal.
Step 2: If you are filing with us for the first time, enter your PAN, Date of Birth, and the OTP received on your registered mobile number. Linking your PAN will help us file your return with the income tax department.
For us to pre-fill the details for you, you will have to complete another OTP verification. If you have filed with us before, you will directly see this step.
Once you enter the OTP and click on ‘Proceed’, you will see 95% of your information, like your name and income details, will all be pre-filled. You can review and edit these details if required.
Step 3: Now let’s fill up your income details. First up is your salary, your salary details will be pre-filled here, but you also have the option to upload your Form 16. And if you have switched jobs during the year, you may upload multiple Form 16s to file your ITR.
Step 4: Now, if you have a property, you’d need to fill in the details of the income you make from it. Depending on whether you occupy the house or have rented it out, you can enter all the details.
Step 5: Go to the other income section and enter the interest income you may have earned in your savings bank account or from your fixed deposit or any other source.
Step 6: Now comes the capital gains section! If you have invested in shares or mutual funds, select your stockbroker from the list and log in to your investment account. Your capital gains will be computed. You may skip this step if you do not have any investments.
Step 7: If you have any business/professional income, then add it in the next section.
Step 8: Now, it’s time to claim all the ‘Deductions’. If you have declared your investments to your employer, then most of your data would be pre-filled here. You can review these details and add the other deduction details that may be missing.
Step 9: If you scroll down, you will find the ‘tax-paid’ section. All the details of TDS and advance tax that you’ve paid will appear here. You can also add these details by uploading Form 26AS.
Step 10: Now scroll down, and you’ll see the other disclosures tab. If any of these conditions apply to you, then enter those details.
Step 11: Click on ‘Go to next’, and you will see a tax summary. Based on all the details you’ve added, we have auto-selected the ITR Form for you.
Also, the default tax regime for this year, according to the income tax department, is the Old regime. But the best part about filing your ITR with Cleartax is that it files your tax under the regime that saves you maximum taxes by analysing your income and tax amount. You also have the option to compare your tax payable under both regimes and even switch to the other tax regime.
Once you are done reviewing all the details in the summary report, click on ‘File Tax’.
Step 12: Here, you will be asked to submit a self-declaration. Only once you submit this will your ITR be filed.
Step 13: Once this step is completed, you may add your coupon code and proceed to make the payment.
Step 14: After making the payment, your return will be submitted, and you will receive an acknowledgement number from the income tax department. Keep it handy for future reference. You will also receive an SMS and e-mail from the income tax department immediately.
Step 15: Now, THIS is the final step, click on the ‘e-verify now’ button. e-Verifying your return is important for completing the ITR filing process. Else, the return will not be accepted by the income tax department.
Step 16: That’s it, and you are done with your ITR filing! But before you leave, don’t forget to collect these exciting rewards, cashback offers, and discounts. You have more than 20+ brands to choose from.
Step 17: You can log in to Cleartax and track the status of your ITR - you’ll be able to view whether your ITR has been processed, and if you are eligible for a tax refund, you will also be able to check the status of your refund.
Some changes have been incorporated into the ITR-1 form:
Not sure which ITR form to use? Click here
Not sure which ITR form to use? Click here
The following changes have been incorporated into the ITR form:
Also read about:
1. Which ITR Should I File
2. How to file ITR Online
3. What is ITR 2 Form & How to File ITR-2
4. What is ITR 3 Form & How to File ITR-3
5. Who and How to File ITR 4
6. What is ITR-5 Form, Structure & How to File ITR 5
7. ITR 6
8. How to File and Download ITR-7 Form
9. ITR 3 vs ITR 4
10. ITR 1 vs ITR 4
11. How to File ITR-2 for Income from Capital Gains FY 2022-23
To know more about which ITR to file, Click here
Yes, you can file ITR-1 if the agricultural income does not exceed Rs 5,000. If the agricultural income exceeds Rs 5,000, you should file ITR 2.
You must provide details of all the savings and current accounts held at any time during the previous year. However, it is not mandatory to provide details of dormant accounts that haven’t been operational for more than three years. The account number should be as per the Core Banking Solution (CBS) system of the bank. It is to be provided in Part E – other information of the ITR form.
Yes, dividend income from mutual funds is now taxable in the hands of investors. It is to be shown in ‘Other Income’.
Revised Return: If you have already filed your income tax return, but you later discover that you have made a mistake in it, you can refile. This is called a revised return. You can file your revised return for the financial year 2022-23 until December 31, 2023.
Notice Number: A notice number is mentioned in any notice you receive from the Income Tax Department. While responding to such notices, you must mention this notice number.
Advance Tax: TDS eliminates the need for Advance Tax payments for salaried individuals. However, you might have other forms of income – like interest on savings bank accounts, fixed deposits, rental income, bonds, or capital gains. If the tax on income is more than Rs 10,000 per year, you are required to estimate your income and pay Advance Tax. This has to be paid in quarterly instalments in June, September, December, and March.
Self Assessment Tax Payments: This is the difference between tax payable and tax paid. It needs to be paid before you file your return. When you fill out the form for the first time, you won’t know whether Self Assessment Tax has to be paid or not. So, fill out the form first along with the Advance Tax details, if paid. Compute your income. And if there is still tax to be paid, pay it and then fill in the details in the self-assessment tax paid section.
Annexure-less Return: The ITR-1 Form is an annexure-less return. You do not have to attach any documents (such as Form 16/Form 26AS) with the ITR-1 Form.
You can use ITR-1 only if you own one house property. Read more about how to compute taxes on your rental income here.
We have a guide to help you print and send your ITR-V to the CPC office. Read our Guide.
You should file ITR-2 if your total exempted income exceeds Rs. 5,000. Certain incomes are exempt under Section 10 of the Income Tax Act. Following are the examples of exempt income:
Yes, you can. Scroll through our guide to see the process.
Yes. Our guide takes you through the process step-by-step.
Yes, you should always include Interest Income under ‘Income from Other Sources’, even if the bank has deducted tax.
The concept of medical reimbursement has been done away with in Budget 2018 and has been replaced by a standard deduction of Rs. 50,000.
Yes, it is mandatory to fill in your bank account details, whether you have a refund due or not. Sometimes, many taxpayers end up paying more than their required tax liability. In such cases, the Income Tax Department refunds the excess amount within a specified time. The refund process could be delayed if you do not fill in your bank account details.
Yes, you can only file ten returns using the same email id and mobile number.
Multitasking between pouring myself coffees and poring over the ever-changing tax laws. Here, I've authored 100+ blogs on income tax and simplified complex income tax topics like the intimidating crypto tax rules, old vs new tax regime debate, changes in debt funds taxation, budget analysis and more. Some combinations I like- tax and content, finance & startups, technology & psychology, fitness & neuroscience. Read more
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