The Income Tax Department has recently introduced JSON Schema for ITR 1 and ITR 4 for the Assessment Year 2023-24, which corresponds to the Financial Year 2022-23.
- ITR 1 applies to individuals who are residents (but not ordinarily residents) and have a total income of up to Rs. 50 lakh, with income from salaries, one house property, other sources (like interest), and agricultural income up to Rs. 5,000.
- ITR 4 is applicable to individuals, HUFs, and firms (except LLPs) who are residents and have a total income of up to Rs. 50 lakh, with income from business and profession computed under sections 44AD, 44ADA, or 44AE, and agricultural income up to Rs. 5,000. These JSON Schema documents for ITR 1 and ITR 4 were released on April 11, 2023, and are 13KB and 23KB in size, respectively.
Aadhaar Card Is Required to File Income Tax Returns
The Income Tax Department has issued a mandate that requires all taxpayers to link their Aadhaar card with PAN through the Income Tax Department website.
What is ITR
An Income Tax Return is a document used by taxpayers to provide information about the income they have earned and the applicable taxes to the income tax department. The income tax department has introduced seven different forms for Returns, namely ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. The type of Income Tax Return form that taxpayers must file depends on their sources of income, the amount of income earned, and their taxpayer category, such as individuals, HUF, company, etc. Taxpayers are required to file their ITR before the specified due date.
Who should use ITR-1 Form
- ITR-1 or Sahaj is a type of Income Tax Return Form that can be used by resident individuals in India for the Assessment Year 2023-24.
- This form is applicable only if the individual’s total income for the year includes income from salary/pension, income from one house property (excluding cases where losses are brought forward from previous years), income from other sources (excluding winnings from lottery and income from race horses), and agricultural income up to Rs 5000.
- Individuals with income from business or profession, or with capital gains, cannot use this form.
- It is crucial to file this form on time and provide accurate information to avoid any penalties or legal consequences.