Income tax return forms have already been notified for Assessment Year 2023-24 (for income earned in 2022-23). You can check other ITR Forms details here Today, we bring here the difference between ITR 1 Sahajand ITR 4 Sugam. It also helps in expediting the issuance of any eligible tax refunds. Additionally, using the right form ensures streamlined processing by tax authorities, minimising delays and queries. Moreover, it allows taxpayers to take advantage of tax benefits and deductions specific to their income sources and category, potentially lowering their tax liability and maximising their savings. Each ITR form is tailored to specific types of taxpayers, such as individuals, businesses, or organisations, and captures relevant information regarding income, deductions, exemptions, and tax liabilities. By selecting the appropriate form, taxpayers can ensure compliance with tax laws and regulations, mitigating the risk of penalties or legal consequences. Choosing the right Income Tax Return (ITR) form is of utmost importance for individuals and businesses alike.
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