Saturday, April 10, 2021
Home NEWS IT department launches offline facility for ITR-1 and ITR-4, taxpayers will benefit...

IT department launches offline facility for ITR-1 and ITR-4, taxpayers will benefit like this

The offline facility is available on the e-filing portal and is based on the new technology ‘JSON’. It is an easy format for data storage.

New facility easy to fill tax return

The Income Tax Department has introduced an ‘offline’ facility for the taxpayers to fill ITR-1 (ITR-1) and ITR-4 (ITR-4) forms for the financial year 2020-21. The offline facility is available on the e-filing portal and is based on the new technology ‘JSON’ (Java Script Object Notation). It is an easy format for data storage. The offline feature can be downloaded on computers with Windows 7 or later. The IT department has given full information for filing, saying, offline facility is only for ITR-1 and ITR-4. Other ITRs will be added later.

ITR-1 form for these taxpayers

ITR-1 (Sahaj) and ITR-4 (Sugam) are easy formats which are used by a large number of relatively low income taxpayers. Sahaj form can be filled by individuals whose annual income is up to 50 lakh rupees and their income is derived from salary, property with one house / other sources (interest etc.).

ITR-4

ITR-4 can fill those individuals, Hindu undivided families and companies, whose total income is up to 50 lakh rupees and whose source of income is business or profession.

New facility easy to fill tax return

Neha Malhotra, director of Nangia Andersen India, said that the new facility is easy to fill the tax return and this will make it much easier for the taxpayers. He said, this has been assisted through Frequently Asked Questions (FAQs).

Also, the guidance note, circular and provisions of the law are also mentioned so that the taxpayer can file the return without any problem. Compliance will increase as tax returns increase and barriers are eliminated.

New ITR form released

Last week, the Income Tax Department notified the forms for filing ITR for Assessment Year 2021-22. Taxpayers now have ITR Forms – Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form ITR-4 (Sugam), Form ITR-5, Form ITR-6, ITR to fill their investment details. -7 and the form ITR-V will have space in the form.

Individuals and HUFs who do not have income from Business or Profession (and are not eligible to file Sahaj) can file ITR-2 whereas individuals with income from Business or Profession can file ITR Form 3.

Apart from individual, individuals, HUF companies ie partnership firms, LLP etc. can file ITR Form 5. Companies can file ITR-7 by claiming exemption under ITR Form 6 and Trusts, Political Parties, Charitable Institutions etc. Act.

read this also- Big relief to account holders of this bank, RBI withdraws restrictions imposed after 2 years and 3 months

read this also- UPI transaction fails, bank will pay Rs 100 damages daily, complain here

(With input language)

Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Rakesh Jhunjhunwala earn 476 crores rupees in a week, you can also earn big way, know all the things…

Along with India, Rakesh Jhunjhunwala, a famous investor in the world, has earned thousands of crores...

Delhi: Some improvement in air amid rising pollution, know how long this relief can continue

In Delhi (Delhi) and its adjoining areas, air quality has been recorded in the 'Moderate' category...

Public Data Will be Sold on Social Media

"Public Data Will be Sold on Social Media, The Government Can Change The IT Act" Social media and tech companies may soon get approval to...

Earth shaken by late night earthquake in Leh of Ladakh, 3.1 magnitude on Richter scale

According to the National Center for Seismology, vibration was felt in the earth at 1.06 pm...

Expecting GST Rate Relief to The Auto Sector is Difficult

Continuos decrease in the demand when it comes to auto sector continues. The decrease in demand is at a low...