If you are an individual taxpayer who earns income from salary, house property, interest, or business under presumptive taxation scheme, you have some good news. The income tax department has enabled the online forms for ITR-1 and 4 for the financial year 2022-23 (assessment year 2023-24) on its e-filing portal. ITR-1, also known as Sahaj, is a simple form for those who have income up to Rs 50 lakh from salary, one house property, and other sources such as interest.

ITR-4, also known as Sugam, is a form for those who have income up to Rs 50 lakh from business and profession computed under sections 44AD, 44ADA, or 44AE of the Income Tax Act, along with income from salary, one house property, and other sources. The online forms are prefilled with data such as personal details, salary income, TDS details, etc. from various sources. You can verify the prefilled data and make changes if required.

You can also add any other income or deduction that is not prefilled. You can then submit the form online using your digital signature or electronic verification code. The online filing of ITR-1 and 4 forms is convenient and time-saving. It also reduces the chances of errors and omissions. You can also track the status of your return and claim your refund faster. The due date for filing ITR-1 and 4 forms for FY 2022-23 is July 31, 2023. However, you are advised to file your return as early as possible to avoid any last-minute rush or penalty.

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