The Income Tax Department has introduced the offline forms (JSON utility) for ITR-1 and ITR-4 applicable for the financial year 2023-24 (assessment year 2024-25) on March 18, 2024. These forms will be utilized for filing income tax returns starting from April 1, 2024, for FY 2023-24 (AY 2024-25).
The JSON utility serves as a file format for downloading or importing prefilled return data into the offline utility and for generating prepared ITR in the offline utility, as per the income tax e-filing website.
Taxpayers whose accounts are not subject to audit have until July 31, 2024, to file income tax returns for FY 2023-24 (AY 2023-24).
Two Methods for ITR Filing on the Income Tax E-filing Website
Taxpayers can file their income tax returns either fully online or partially offline.
Filing using JSON Utility: In the partial offline mode, taxpayers download the utility form from the income tax e-filing website (JSON utility released by the tax department). After downloading the utility form, taxpayers manually fill in the income and other relevant information applicable to the specific financial year. Alternatively, they can import data into the JSON utility. Once all details are filled, the schema is uploaded on the income tax e-filing website.
Online Filing via Tax Filing Portal: In the fully online mode, taxpayers log into their account on the e-filing portal and utilize the ‘File income tax return’ option to submit their returns. Typically, most income-related details are auto-populated, but taxpayers must verify all details in the online ITR forms before final submission. The income tax department is yet to release the online ITR forms for FY 2023-24 (AY 2024-25).
It’s noteworthy that the income tax return forms have been notified even before the end of the financial year 2023-24 on March 31, 2024 (notifications were issued between December 2023 and February 2024). The income tax department is obligated to release the online and offline forms on the e-filing website once the ITR forms are notified. Typically, the ITR forms are notified after the conclusion of the financial year (usually in April).
Who Can File ITR-1 and ITR-4?
Taxpayers must select the appropriate ITR form based on their sources of income.
ITR-1 Form: This form is suitable for individuals who are residents (other than not ordinarily resident) with gross total income up to Rs 50 lakh, income from salaries, one house property, other sources (such as interest, etc.), and agricultural income up to Rs 5,000.
ITR-4 Form: Applicable for individuals, HUFs, and firms (other than LLP) who are residents with total income up to Rs 50 lakh and income from business and profession computed under sections 44AD, 44ADA, or 44AE, and agricultural income up to Rs 5,000.
Salaried individuals with capital gains from the sale of equity shares, equity-oriented mutual funds, debt mutual funds, or any other assets must file ITR using the ITR-2 form. The income tax department is yet to release online and offline forms for other income tax return forms.
