Income tax return filing: From assessment year 2018-19, ITR 1 form requires detailed calculation of income from salary or house property
e-File your ITR or income tax return for FY 2017-18 (assessment year 2018-19) before due date of 31 July. The income tax department has been sending this message to taxpayers reminding them of the deadline for filing ITR. For filing income tax return or ITR for FY 2017-18 (assessment year 2018-19), the Income Tax Department has notified seven forms. The ITR 1, called ‘Sahaj’, is largely used by the salaried class of taxpayers with income up to Rs 50 lakh. ITR 1 form was used by 3 crore taxpayers during the last financial year. Choosing the correct ITR form, which depends on the nature of income and the status of the taxpayers, is the start of the ITR filing process. ITR filing online: How to fill ITR 1 form
“ITR 1 is the simplest form for income tax return filing for the resident taxpayers who earn their income from salary or pension, one house property and other sources up to an annual income of Rs. 50 lakh,” says Ansh Bhargava, director at Taxmann.
However, from this year onwards, the ITR 1 form requires detailed calculation of income from salary or house property, instead of a single figure as it was applicable till the previous year, he says.
In case a salaried individual has more than one Form 16s for a particular financial year, the taxpayer has to consolidate his salary from all of his employers, and then deduct the exempt allowances and perquisites along with the deductions that can be claimed under various sub-sections of Section 80.
“Once the taxpayer arrives at the income tax to be paid, cross-check it with the TDS deducted. If any balance amount is due, it should be paid before filing of the return,” says Ansh Bhargava, director at Taxmann.
Form 16 provides various details that one needs while filing of the return. “It consists of two parts, Part A and Part B. Part A consists of PAN details of the employee and the TAN details of the employer. It also consists of a summary detail of the tax deducted from the employee and deposited with the government by the employer,” he says.
On the other hand, Part B of Form 16, “consists of the details of the salary paid by the employer. It shows the detailed breakup of the salary along with the deductions claimed under various sub sections of section 80. One can find the total taxable income and the tax deducted detail in this part of the Form 16,” he says.
How to fill ITR 1 form
Visit Income tax department’s ITR filing website and then log in with user ID and password
Go to “E-File” and select the ITR form and Assessment Year
Fill in the details of the income from Form 16 like salary break-up details, tax payments, deductions, etc.
Re-check all the details and upload the form. Filing the ITR is not enough, you need to verify it too. Else, your return will not get processed. You can do the verification either offline or online. There are online options like e-verifying return through net banking and generating a one-time password through Aadhaar.