ITR Filing: ITR 1 & ITR 4 Excel Utilities Are Starting for FY 2023-24

Introduction:

For the assessment year 2023–2024, the Income Tax Department has recently enabled offline Excel-based utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) filing. This means that individuals can now download these utilities from the Income Tax e-filing website and use them to file income tax returns.

For those unfamiliar with Excel-based utilities, they are tools that allow taxpayers to electronically file their returns. By downloading the utility, enabling macros in Excel, and understanding the utility's requirements, individuals can effectively file their taxes. In case of any technical difficulties, taxpayers can seek assistance from CBDT's ITR utility customer service or consult tax professionals.

It's important to note that salaried individuals will need to wait a little longer before filing their returns. They are required to obtain their TDS certificate, also known as Form 16, from their employers. Form 16 is expected to be issued by employers by June 15. Once they have the necessary documents, salaried individuals can proceed with filing their returns.

The ITR-1 (Sahaj) Excel utility is designed for residents (excluding those not ordinarily resident) with a total income of up to Rs 50 lakh. This includes one house property, salary income, other sources of income such as interest, and agricultural income up to Rs 5000.

The ITR-4 (Sugam) Excel utility is meant for residents, Hindu Undivided Families (HUFs), and firms (excluding LLPs) with a total income of up to Rs 50 lakh. This category covers individuals with income from business and profession computed under sections 44AD, 44ADA, or 44AE, as well as agricultural income up to Rs 5000.

According to the Income Tax Department, the "Excel utilities have been enabled offline Excel-based utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) for AY 2023–24. Please refer to the real-time ticker at e-filing website (https://www.incometax.gov.in/iec/foportal/). Software and tools for creating additional ITRs and forms for the tax year 2023–2024 will soon be available. Taxpayers will be able to get information about it on the e-filing portal.

What exactly is an Excel-based utility?

Taxpayers can electronically file their taxes using the Excel-based tools included on Income Tax Return forms. By downloading this program, activating macros in Excel, and comprehending the tool's usage requirements, taxpayers can efficiently submit their taxes. Taxpayers can contact CBDT's ITR utility customer care or tax experts for assistance with any technological issues.

ITR-1 (Sahaj) Excel Utility:

The ITR-1 (Sahaj) Excel Utility is made for residents (apart from those who aren't typically residents) with a total income of up to Rs 50 lakh. It is applicable for individuals with income from salaries, one house property, other sources such as interest, etc., and agricultural income up to Rs 5000.

ITR-4 (Sugam) Excel Utility:

The ITR-4 (Sugam) Excel Utility is designed for resident individuals, Hindu Undivided Families (HUFs), and firms (excluding Limited Liability Partnerships or LLPs) with a total income of up to Rs 50 lakh. It applies to those with business and professional income that is calculated by sections 44AD, 44ADA, or 44AE, as well as agricultural income up to Rs 5000.

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