​​​
  1. Income Tax efiling for AY 2018-19: How to file your income tax return using ITR Form-1 Sahaj

Income Tax efiling for AY 2018-19: How to file your income tax return using ITR Form-1 Sahaj

The Income Tax Department has notified the ITR Form-1 (Sahaj) for filing the income tax return for AY 2018-19 with various changes. Here's a look at how to file your I-T return using the new form.

By: | Published: May 14, 2018 11:13 AM
Income Tax efiling for AY 2018-19, income tax efiling, ITR Form-1 (Sahaj), income tax efiling last date, income tax return filing, income tax return last date,  After filing your income tax return for AY 2018-19, don’t forget to e-verify your return within 120 days of filing it to complete the process of return filing.

The Income Tax Department has recently opened the e-filing window for income tax returns (ITR) for financial year 2017-18 or assessment year 2018-19 for persons eligible for filing the ITR Form-1 (Sahaj). Resident individuals earning income from salary or from one house property or other sources up to Rs 50 lakh are supposed to file the ITR-1 form.

This time, however, ITR Form-1 (Sahaj) has been notified with various changes. Let’s have a quick look on the changes summarized below:

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:

1. Offline:

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.

2. Online:

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.

Conclusion:

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.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

  1. S
    Saidigital
    May 14, 2018 at 9:20 pm
    It is always advised to seek help of tax consultant to avoid notice in future.. saidigitalsignature
    Reply
    1. Alok Mishra
      May 14, 2018 at 7:01 pm
      For name sake it's called SAHAJ but, reality is just opposite.....It's " super Difficult"......
      Reply
      1. Prabhakar Sunku
        May 14, 2018 at 4:07 pm
        The author has not mentioned about verification of ITR. The problem as mentioned in the above column -avaialbility of forms 16/16A from Banks. They will be available in june only and that too if You are lucky without any missing TDS entries. Then only we can down load form 26AS. What is the euphoria in saying forms ITR1 etc are available? The last date for filing should be at least Aug end in view of the forms 16/16A are released by Banks only in June.
        Reply

        Go to Top