Rashmi
Quick Summary
Recent Update The Income Tax Department has released JSON Schema for ITR 1 and ITR 4 for the Assessment Year 2023-24 (corresponding to the Financial Year 2022-23). ITR 1 is applicable to individuals who are residents (but not ordinarily residents) with a total income of up to Rs. 50 lakh, and
Daily Limit Reached
You have reached your daily limit of 2 Free Articles
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Articles Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
An Income Tax Return (ITR) is a document used by taxpayers to report their earned income and the applicable taxes to the income tax department.
ITR-1 is for resident individuals with a total income up to Rs. 50 lakh, including income from salary/pension, one house property, and other sources (like interest), with agricultural income up to Rs. 5,000. It cannot be used by those with business income, capital gains, or income from more than one house property.
ITR-4 is suitable for residents, including individuals, HUFs, and firms (excluding LLPs), with a total income up to Rs. 50 lakh. It's for those with income from business or profession computed under presumptive schemes (sections 44AD, 44ADA, or 44AE), or salary/house property/other sources income up to Rs. 50 lakh.
Yes, the Income Tax Department has made it mandatory for all taxpayers to link their Aadhaar card with their PAN on the Income Tax Department website.
For FY 2023-24, the presumptive taxation limits have been revised: Sec 44AD for small businesses increased from Rs. 2 crores to Rs. 3 crores, and Sec 44ADA for professionals increased from Rs. 50 lakhs to Rs. 75 lakhs.
CAclubindia
