ITR 1, ITR 2 and ITR 4 utilities updated for 234

ITR 1, ITR 2 and ITR 4 utilities updated:

ITR 1, ITR 2, and ITR 4 utilities updated for calculations of 234B, 234C, 234A. These updates are for FY 19-20 and AY 20-21. ITR 1 is used by salaried employees to file their income tax returns.  ITR 2 is for taxpayers having other incomes also. 

ITR-1: For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest, etc.), and Agricultural Income up to Rs.5 thousand(Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares)

ITR-2: For Individuals and HUFs not having income from profits and gains of business or profession

ITR-4: For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
(Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares)

Section 234A – Interest for Default in Filing Tax Return. Income Tax Returns for a financial year need to be filed within the time.

Section 234B – When the Tax payable after TDS s more than Rs 10,000 and advance tax is not paid. It is also levied when the advance tax payment is less than 90% od assessed tax. It is reduced to .75% PM for the period of April to June 2020.

Section 234C – Interest for non-payment of advance tax

Download ITR 1 Excel utility:

Download ITR 2 Excel utility:

Download ITR 4 Excel utility: