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  1. Watch video: Income Tax Returns; How to efile ITR 1 online for AY 2017-18 in less than 10 mins

Watch video: Income Tax Returns; How to efile ITR 1 online for AY 2017-18 in less than 10 mins

Income tax efiling made easy! Watch this video to know how you can file returns using ITR 1 on the website incometaxindiaefiling.gov.in in less than 10 minutes for AY 2017-18.

By: | Updated: July 30, 2017 5:46 PM
income tax efiling, income tax returns, income tax itr 1 Filing income tax returns using the ITR-1 form takes less than 10 minutes if you have all the necessary documents ready. Don’t believe us? Read on…

Income tax efiling made easy! It’s that time of the year again when you have to file your income tax return and with the last date – July 31 – just a few days away, you are wondering how much time it will take you to get the task done. Don’t worry, be happy! Filing income tax returns using the ITR-1 form takes less than 10 minutes if you have all the necessary documents ready. Don’t believe us? Read on…

The first thing that you have to understand is whether you are liable to file tax returns or not. If your taxable income is more than Rs 2.5 lakh – you have to file tax returns. In the case of senior citizens this threshold is Rs 3 lakh and for very senior citizens (80 years and above), the threshold is Rs 5 lakh. There is another category of people who have to file tax returns even if their income is below Rs 2.5 lakh. “These are those who have sold equity or shares which are exempt from tax under Section 10 (30A). For the purpose of calculating the taxable threshold this capital gains income would also be included to know if you have a filing obligation or not,” says Kuldip Kumar, Partner and Leader for Personal Tax at PwC. “You may not be paying any tax, but you will still have a tax filing obligation,” he explains.

According to Kumar, the next step is to determine the sources of income; example income from salary, income from one house property, interest on bank deposits etc. For those of you who used ITR-1 to file their returns last year, will find a pre-filled form available on the Income Tax website. However, if your income exceeds Rs 50 lakh, you will not be able to use ITR-1 this time.

Still confused? Financial Express Online got PwC’s Kuldip Kumar to explain the process in a step-by-step way on the income tax website. Watch the video above to know whether you are liable to file a tax return, which form you should use and how you can file income tax return on the website incometaxindiaefiling.gov.in in less than 10 minutes.

As pointed out by Kumar, the responsibility doesn’t end at just e-verifying and filing the income tax return. Don’t forget to keep with you the necessary filing documents to avoid any hassle in case any query is raised by the Income Tax Department in the future. Happy tax filing!

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  1. R
    Ramakrishnan C
    Jul 29, 2017 at 9:42 pm
    I am a pensioner and getting pension. Now I am also working as a Insurance Advisor and getting commission also. Last year I filed my return in ITR 4. This I knew that there is a change in using ITR forms. May I know which ITR form I have to use for my e-filing. Ramakrishnan, Calicut
    Reply
    1. Shalini Goyal
      Jul 28, 2017 at 12:57 pm
      I filed with Tax2win and their serivice was really hassle free and it was also affordable .
      Reply
      1. V
        Vijaya Kumar.
        Jul 28, 2017 at 11:45 am
        Sir. I need some clarification for filling ITR -2. I am a senior citizen, getting penshion ie ry, Rent from building and profit on Shares.Earlier, my share broaker, used to give me P L statement, This time he himself as calculated the P L and mentioned that the tax payable by me on short term capital gain is Rs 7506.48. Which I am ready to pay.along with my tax on ry Rent Rs 7112/-. When I went to my auditor for E-filing, the auditor after loging in informed that, with respect to income on shares details on all the individual transactions like dt of purchase/cost, dt of /cost etc., must be given individually on each transaction, which comes to 20 pages. And declained to do such a laborious work. And suggested me to show the income in Taxable at Special Rates. My friends r telling it is not correct must be shown under income from shares head only. I am confused. Pl guide. Vijaya Kumar.
        Reply
        1. P
          Pawan Sharma
          Jul 27, 2017 at 7:29 pm
          I'm afraid that Rs 2.5 lakhs limit as stated is not "Taxable Income" , thought it is only "Total Income" let me parch onto correct footboard.
          Reply

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