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Prefilled Data for ITR Forms 1 and 4

The income tax department released the notice for the availability of pre-filled ITR 1 and 4 forms. Read this blog for more information to fill out the forms.

  • 4,828 Views | Updated on: Mar 21, 2024

Picture this: you are sipping a hot cup of coffee, gazing out the window on a tranquil morning. Suddenly, a looming sense of responsibility creeps in - it is that time of the year again to file the income tax return. Dreadful as it may seem, understanding the importance of this annual ritual can empower you to take control of your financial destiny.

Income Tax Return (ITR) filing is not just a yearly chore; it is an opportunity to unlock financial freedom. By embracing this process, you gain a deeper understanding of your finances, reveal hidden opportunities for savings, and build financial discipline. It empowers you to make informed decisions, safeguard your financial future, and stay ahead of the ever-changing tax landscape.

Let us delve deeper into the concept of income tax filing and understand how it can be done with the latest updates and features introduced by the government.

Understanding ITR Filing and How it Impacts Your Financial Health?

Income tax filing is a process where individuals report their income and financial details to the government, typically on an annual basis. The significance of income tax filing lies in its role as the primary means of revenue generation for governments, enabling them to fund various public services and initiatives. Here are some key points on the significance of income tax filing and how it impacts individuals:

Legal Obligation

Filing income tax is a legal requirement, and individuals are obligated to report their income and pay taxes according to the applicable tax laws and regulations.

Revenue Generation

Income tax filing contributes significantly to government revenue. These funds are utilized for infrastructure development, education, healthcare, defense, social welfare programs, and other public services that benefit citizens.

Economic Stability

Income tax filing contributes to economic stability by providing governments with a steady source of revenue. These funds enable governments to implement fiscal policies, manage public debt, invest in economic growth, and respond to emergencies or crises effectively.

Types of Income Tax Return (ITR) Forms

In India, the Income Tax Department requires taxpayers to file their income tax returns using different forms known as Income ITR forms. These forms vary based on the source and nature of income, as well as the category of the taxpayer. Here is an overview of the various ITR forms available in India and their relevance:

ITR-1 (Sahaj)

Relevant for individual taxpayers, including salaried employees, pensioners, and individuals with income from one house property and other sources.

Not applicable if the individual has income from business or profession or if the total income exceeds ₹50 lakhs.

ITR-2

  • Relevant for individuals and Hindu Undivided Families (HUFs) having income from any source other than profits and gains of business or profession.
  • Applicable if the individual has income from more than one house property, capital gains, or foreign assets.

ITR-3

  • Relevant for individuals and HUFs who have income from profits and gains of business or profession.
  • Applicable if the individual is a partner in a firm but not a partner in a Limited Liability Partnership (LLP).

ITR-4 (Sugam)

  • Relevant for individuals, HUFs, and firms (other than LLPs) having income from a presumptive business.
  • Applicable if the total income is computed under the presumptive taxation scheme of Section 44AD, Section 44ADA, or Section 44AE.

ITR-5

  • Relevant for partnership firms, LLPs, Association of Persons (AOPs), Body of Individuals (BOIs), and other entities.
  • Applicable if the income is from business or profession, including those individuals who are required to file ITR-4.

ITR-6

  • Relevant for companies other than those claiming exemption under Section 11 (income from property held for charitable or religious purposes).
  • No matter whether a company is registered under the 2013 Companies Act or the 1956 Companies Act, the ITR 6 Form must be submitted.

ITR-7

  • Relevant for; individuals and entities that are required to file returns under Section 139(4A), 139(4B), 139(4C), or 139(4D) (such as trusts, political parties, colleges, etc.).
  • Applicable if the entity is claiming exemption under Sections 11 and 12 (income from property held for charitable or religious purposes).

Steps to File ITR Forms 1 and 4 Via E-filing Portal

You can file ITR Form 1 and 4 online or offline. To fill income tax form online, you can use the e-Filing portal of the Income Tax Department. To file offline, you can download the form from the Income Tax Department website and mail it to the Income Tax Department.

Here are the steps to file ITR Form 1 online:

  • Use your user ID and password to log in to the e-Filing portal.
  • Select the assessment year and mode of filing as “Online”.
  • Select the applicable status and click “Continue”.
  • If you know which ITR form you need to file, select it. If you are not sure, you can click on “Help me decide which ITR form to file,” and the system will help you determine the correct form.
  • Once you have selected the ITR form, review your pre-filled data and edit it if necessary. If required, enter the additional data. At the end of each section, click “OK”.
  • Enter the details of your income and total deductions in the different sections. You can click on “Proceed” after completing and confirming all the sections of the form.
  • If there is a tax liability, you will be shown an overview of your tax computation. If you need to pay tax, you can do so through the e-pay Tax service
  • You will be brought to the “Preview and Submit Your Return” page once you have paid the tax. Click “Proceed to Preview” after selecting the declaration checkbox..
  • Preview your return and click “Proceed to Validation”
  • Once validated, click “Proceed to Verification”.
  • Select your preferred verification method and click “Continue”.
  • E-Verify your return, and you will receive a success message along with the transaction ID and acknowledgment number..

Steps to e-file ITR Form 4 online:

  • With your user ID and password, access the e-Filing portal.
  • Select the assessment year and mode of filing as “Online”.
  • Select the appropriate status, then click “Continue” to move forward.
  • You have two options to pick the type of Income Tax Return: either to choose the form with the help of “Wizard-based return filing” or choose from the dropdown list.
  • Read the instructions to fill out the form carefully and take note of the list of documents needed and click “Let us Get Started”.
  • Review your pre-filled data and make edits to it if needed. Enter the remaining data (if required). Click “OK” at the end of each section.
  • If you have opted for the New Tax Regime in earlier years, select “Yes” in the relevant section.
  • Enter your income and other deduction details in the different sections, and click “Proceed”.
  • If there is any tax liability, a summary of your tax computation will be displayed. If you need to pay tax, you can do so through the e-pay Tax service.
  • Once you have paid the tax, you will be taken to the “Preview and Submit Your Return” page. Select the checkbox and click “Proceed to Preview”.
  • Once previewed and validated, click “Proceed to Verification”.
  • Select your preferred verification method and click “Continue”.
  • E-Verify your return, and you will receive a success message along with the transaction ID and acknowledgment number.

Latest Update: Pre-Released ITR Forms Online

Adding more convenience to tax filing, the government has introduced the feature of prefilled forms. Following the release of the Excel utility for income tax return (ITR) forms 1 and 4 on April 25, 2023, the income tax department has now activated the online forms for ITR-1 and 4.

According to their website, these online forms, known as ITR 1 Form and ITR 4 Form, are now accessible on the portal in online mode with pre-filled data. These forms will make it simple and convenient for taxpayers to e-filing income tax returns.
The e-filing website provides online ITR forms that come with pre-filled information, including salary income (as stated in Form 16) and interest income from savings accounts, fixed deposits, etc. This feature simplifies the process of e-filing income tax returns for individuals, as they only need to verify the data in the online form with their supporting documents. Additionally, it is crucial to cross-check this information with the Annual Information Statement (AIS) and Form 26AS to ensure alignment with the data maintained by the income tax department.

Did You Know?

An individual who has taxable capital gains (short term and long term) or who invested in unlisted equity shares, or whose total income exceeds ₹50 lakhs cannot file an ITR-1.

Steps to File ITR Online with Prefilled Forms

While some people may think that filing ITR is a daunting task but contrary to their belief, ITR e-filing is a quick and easy process that can be completed while at home. Follow the below steps to file ITR online:

  • Step 1: You must first register on the website in order to use the services of the income tax e-filing portal.
  • Step 2: You must then go to the e-filing portal in order to determine which form applies to you.
  • Step 3: Here, you must select the individual/HUF option from the scroll-down menu. The options are listed in order of preference: salaried workers, business/professionals, senior citizens, non-residents, and Hindu Undivided Families (HUF).
  • Step 4: The system offers the option to “Return/forms applicable to me” as soon as you click any of the applicable options.
  • Step 5: Click the slug at the top to be able to file an income tax return. E-filing is an option in this situation.

The e-filing portal offers a variety of services, including the ability to file income tax returns (ITR). You can use the chatbot on the portal to update your personal information and get answers to a ton of questions.

Conclusion

Income tax return filing may seem like a daunting task, but it holds immense significance in shaping your financial health and future. By embracing this annual ritual, you unlock the potential for financial freedom, gain a deeper understanding of your finances, and develop valuable financial discipline.

With the latest updates and features introduced by the government, such as access to pre-filled forms online, the process of filing income tax returns has become simpler and more convenient. So, picture yourself once again, sipping that hot cup of coffee on a tranquil morning, knowing that by filing your income tax return, you have taken control of your financial destiny. Embrace this opportunity, unlock financial freedom, and pave the way for a secure and prosperous future.

Key takeaways

  • Filing income tax returns is a legal responsibility that can help contribute to government revenue.
  • Different ITR forms are relevant to different taxpayers depending on their source and nature of income.
  • The government has introduced pre-filled forms that can simplify the process of filing income tax returns.
  • Filing income tax returns can help individuals build financial health by providing them with a better understanding of their finances.

FAQ

1

How can I get prefilled data in ITR?

You can get prefilled data in ITR by linking your PAN with your bank account, Aadhaar, and other financial institutions. The Income Tax Department will then automatically populate your ITR form with information such as your salary, interest income, and tax deductions.



2

What is prefilled data in ITR?

Prefilled data in ITR is information that is automatically populated in your ITR form by the Income Tax Department. This information is collected from various sources, such as your bank account, Aadhaar, and other financial institutions.



3

What is ITR Form 1 and ITR Form 4?

ITR Form 1 is the simplest ITR form and is used by individuals with a simple income. ITR Form 4 is a more complex ITR form and is used by individuals with a variety of income sources, such as salary, business, and capital gains.


4

Should I fill out ITR 1 or ITR 4?

The type of ITR form you should fill out depends on your income and sources of income. If you have a simple income, you can use ITR Form 1. If you have a more complex income, you may need to use ITR Form 4.

5

Is ITR 4 for salaried employees?

Yes, ITR Form 4 is for salaried employees. However, it can also be used by individuals with other types of income, such as business income and capital gains.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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