1. Now ITR-1 is applicable only to Residents.
2. Details of income from salary, i.e. complete breakup, are required.
3. Details of income from house property are to be mentioned
4. Fees u/s 234F shall be payable if the I-T return is filed after the due date.
How to file ITR Form-1?
There are two ways for filing the ITR Form-1:
In case of offline filing of ITR Form-1, the return shall be furnished in the paper form. Further, “while submitting your physical paper return, the Income Tax Department will issue you an acknowledgment,” says CA Abhishek Soni, Founder, tax2win.in.
But as per the income tax law, only following persons have the option to file the I-T return in paper form:
# Super senior citizens, i.e. 80 years or above
# Individual/ HUF whose return does not have any claim for refund in the return of income and whose income is up to Rs 5,00,000.
If you wish to file your income tax return online, then you have two choices. They are:
# Prepare and submit the return online
# Upload xml by using offline utilities
Let’s understand these two methods step by step:
a. Prepare and submit online (On the Income Tax website):
Step 1 – Log in to incometaxindiaefiling.gov.in with your User ID, Password, Date of Birth and Captcha.
Step 2 – As soon as you log in, you will see an option – “Filing of Income Tax Return.” Click on it.
Step 3 – Select the ITR Form Name, Assessment Year and the submission mode (Prepare and submit online).
Step 4 – Fill in the details and click on the ‘Submit’ button.
Step 5 – Here, you go! “Your return has been submitted successfully and ITR-V would be generated. Click on the link and download it as it serves as an acknowledgement. ITR-V is also sent to your registered email,” informs Soni.
b. Upload xml by using offline utilities:
Step1: Visit the website – https://www.incometaxindiaefiling.gov.in/home. On the home page, you will find an option on the right hand side named as ‘Offline utilities.” Just click on it.
Step 2: Click on the option – “Income Tax Return Preparation Utilities” .
Step 3: Select the Assessment Year for which you want to file ITR.
Step 4: Then Download the offline utility through which you want to e-file your ITR (excel Utility or Java Utility).
Step 5: Prepare the return offline and upload the xml generated through these utilities to the option on “Filing of Income Tax Return” on income tax website.
And you are done with it! However, after filing your income tax return, don’t forget to e-verify your return within 120 days of filing it to complete the process of return filing.
Although the income tax return filing for FY 2017-18 has already started for persons eligible to fill ITR Form-1, but it is still recommended to wait for some time. Why? The reason being the correct and complete TDS details would be updated in the month of June. So, “if you don’t have any TDS deducted during the year, then you can file the return. However, if any person or organisation has deducted your TDS during the year, then considering 26AS while filing the return is mandatory,” says Soni.
Source by financialexpressShare: