ITR 1 & ITR 4 Excel Utilities Are Ready for FY 2022-23


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Arpit Kulshrestha

ITR 1 and 4 Forms' Filing Excel Utilities for FY 2022-23

From the official e-filing portal, the income tax department would have informed the assessees that the Excel utilities of ITR-1 and ITR-4 for AY 2023-24 are available for filing.

The e-filing portal stated that “Excel utilities of ITR-1 and ITR-4 for AY 2023-24 are available for filing,”

The ITR-1 is for the person who is a resident (excluding than not ordinarily resident) who has a total income of upto Rs 50 lakh securing the income from salaries, one house property, additional sources (interest others.), and agricultural income of up to Rs 5,000.

ITR 4 is for individuals, HUFs, and firms (other than LLP) who are residents and have a total income of up to Rs.50 lakh, income from business and profession computed under sections 44AD, 44ADA, or 44AE, and agricultural income of up to Rs.5000.

The Excel utility of ITR is a document that serves as documentation that the assessee has paid all of the due income tax. The assessee’s annual income is shown in the Income Tax Return. It also gives information on how tax is calculated based on annual income and how much tax the assessee has paid.

Smart Solution for Seamless ITR Filing

Numerous features of the Gen Income Tax Return Filing Software aid in streamlining and expediting the filing of tax returns. One of its most notable features is the auto return form generating function, which selects the appropriate return form from ITR-1 through ITR-7 based on the suitable source of income.

The programme also enables the import of pre-populated JSON or filled-out ITR data from prior years, saving time on data entry. Additionally, there are MAT/AMT calculations, computations for arrears relief, email document delivery, and advance tax prediction.

Additionally, the application has XML/JSON creation and ITR quick upload, making e-filing more practical than previously. The software also enables bulk contact verification and provides a summary of personal, income, tax, and return information.

Additionally, it enables automated carry-forward of losses and NSC/KVP data from the prior year in addition to PAN application and correction. The ITR acknowledgement number can be used by users to search for information on return filing and to make electronic payments for tax challans.

Additionally, the application offers capabilities for interest calculation, AIS/TIS and 26AS import, inter/intra losses adjustment, maintenance of depreciation charts, IT portal connectivity, and income tax computation. With these features, Gen Income Tax Software offers a comprehensive solution for tax return filing requirements.

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