The tax department has finally notified the income-tax return (ITR) forms for AY27/FY26, and to ease the filing process, it has enabled offline preparation via Excel Utility for ITR-1 and ITR-4.
What are the key changes?
For AY27/FY26, the tax department has introduced new ITR forms, and one of the notable changes is the notification of ITR-4 Sugam, which is a simplified form designed for small businesses and professionals.
Offline preparation with Excel Utility
The tax department has also enabled offline preparation of ITR-1 and ITR-4 using an Excel Utility, which is available on the official website. This utility allows taxpayers to fill and save the forms offline, reducing the hassle of filling the forms online.
Key features of ITR-4 Sugam
ITR-4 Sugam is designed for small businesses and professionals, including freelancers, and it has several features that make it easier to file returns. Some of the key features of ITR-4 Sugam include:
- Taxpayers can file returns in one go: ITR-4 Sugam allows taxpayers to file their returns in one go, without the need to file multiple forms.
- No need to attach documents: Taxpayers do not need to attach any documents with ITR-4 Sugam, making it a hassle-free option.
- Simplified verification process: The verification process for ITR-4 Sugam is also simplified, making it easier for taxpayers to complete the process.
What this means: With ITR-4 Sugam and the Excel Utility, taxpayers can file their returns easily and quickly, reducing the burden of tax compliance.
