The time to file your income tax return for the financial year 2017-18 has finally arrived. The due date of filing your ITR for FY2017-18 or AY2018-19 is July 31st, 2018. If you are a resident individual having income up to Rs 50 lakh from salary and have one house property, then you are required to file the ITR Form-1 (Sahaj). For the assessment year 2018-19, the following income needs to be disclosed:
# Income from Salary
# Income from One House Property (excluding cases where the loss is brought forward from previous years)
# Income from Other Sources (excluding winning from lottery and income from race horses, etc.)
However, this form cannot be used by individuals whose total income for the assessment year 2018-19 exceeds Rs 50 lakh. In this particular case, you need to use ITR-2.
ALSO READ: Don’t know which ITR Form apply in your case for AY 2018-19? Learn here.
If you fall into this category, then start filing the IT return by keeping in hands the details regarding these income sources. The Income Tax Department has made it easy for people by opening an e-filling portal for those eligible for filling the ITR Form-1 (Sahaj).
Moreover, you need to link your Aadhaar card with your PAN card. If you are furnishing the return under income from salary, we recommend keeping your Form-16 and Form 26AS ready.
Follow the process below to file your ITR online:
There are two ways to file the ITR form online. One is manually entering the details and submitting the return online. The other is by uploading XML files through offline methods.
ALSO READ: Filing ITR forms is not the same for FY 2017-2018. Learn how.
Doing it Online
# Login to http;//www.incometaxindiaefilling.gov.in. Keep your user ID, password and date of birth ready for this. You will be asked to enter a captcha code as well.
# After you have logged in, click on the option which says “Filling of Income Tax Return”.
# You are required to select the ITR form name, which will be ITR 1 here. You are required to choose the assessment year as well as the submission mode. The assessment year for FY 2017-2018 is 2018-2019.
# You will need to fill in the required details. From this year onwards, an assessee needs to fill in the break-up of one’s salary. Also, if your income has come from renting of house property, then also you are required to give the break-up of the income from house property.
# After filling in the details in the form, the system will generate a message of acknowledgement which will tell you that the income tax return has been submitted successfully. After filing the form, an ITR-V would pop up on the screen. It prompts you to download this. This ITR-V would be sent to the email ID that you have registered with the IT Department website.
ALSO READ: 6 reasons why you should file your ITR on time
# Login to http;//www.incometaxindiaefilling.gov.in.
# Go to the homepage and click on the “Offline Utilities” option.
# Under this drop-down, you will see another option saying “Income Tax Return Preparation Utilities”
# You will be required to choose the assessment year for which you are filling the income-tax return. The assessment year for FY 2017-2018 is AY 2018-2019.
# Prepare the income-tax return offline at your convenience, save it and extract the XML files.
# You will need to E-verify filing of the return within 120 days of submitting it in order to complete the process.