The Income Tax Department has enabled online ITR forms ITR-1 and ITR-4 on their e-filing website. This online filing option, available since April 25, 2023, offers the advantage of pre-filled data, including income from salary, interest income, and more, obtained from sources such as Form 16, savings accounts, and fixed deposits.
Unlike the Excel utility method, where taxpayers need to download, manually fill, and upload the form, the online ITR forms streamline the process. Taxpayers can now cross-check the pre-filled data in the online form with their own documents, ensuring accuracy and consistency. It is recommended to verify the information with the Annual Information Statement (AIS) and Form 26AS to ensure alignment between taxpayer and department records.
The Central Board of Direct Taxes (CBDT) notified the ITR forms in February of this year, and the current filing pertains to the fiscal year 2022-23 (Assessment Year 2023-24). The deadline for salaried individuals and non-audited taxpayers to file their ITR is July 31, 2023, unless the government extends the date.