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Income Tax Return: The second month of the financial year 2022-23 has ended and the new financial year 2023-24 has begun. Now the time has come to claim IT return and IT return refund. The Liaison Department has revealed through a tweet that the process of filing IT Returns-1,4 through online has been started.
The Income Tax Department tweeted on its official Twitter account that the filing process for individuals, employees and small traders has begun. That is, the process of filing IT Return-1 and IT Return-4 for the financial year 2023-24 has started. There is no need to audit the accounts for the financial year 2022-23. The last date for filing IT returns in this regard is July 31. IT Return-1 is filed by employees, senior citizens and other individuals. IT Return-2 is filed by companies and professionals. This applies to those whose annual income does not exceed 50 lakhs.
Offline ITR-2 Form
Earlier Income Tax Returns The ITR-2 offline application for filling was also released a few days back. There has been an important change in the ITR application. It contains information about virtual currency and digital assets. There is a need to confirm if the ITR form has been submitted through offline or online mode. If IT returns are not confirmed, they will not be processed by the Liaison Department.
Who files ITR-2?
If your annual income is Rs 50 lakh or more then you have to file ITR-2 , This includes details of more than one residential property, profit or loss on investment, dividend income for more than 10 years, income from farms. Apart from this, if interest is charged on PF, then the form has to be filled.
