Income Tax Return e-Filing for AY 2019-20: To begin filing ITR 1, one needs to access the income tax website www.incometaxindiaefiling.gov.in and log-in using the credentials.
E-filing of Income Tax Return 2019-20: Filing the income tax return (ITR) by salaried individuals can’t be more easier and quicker than it has become now. This year the tax filing process, especially for ITR 1, has been simplified. In fact, things have been very smooth and relatively easier with the Income Tax Department making available the pre-filled ITR forms and the online facility available. ITR 1 Form is to be used by individuals with salary income, house property and income from other sources. Most employees typically have income from these 3 sources and thus are required to file ITR 1. Simply put, if you are an employee with a bank account and a home loan for a self-occupied house, ITR 1 is to be filed by you.
If you are hard-pressed for time and wish to follow the DIY approach, here is a video by Surabhi Marwah, Tax Partner, People Advisory Services, EY, to help you file ITR 1 in under 15 minutes. Some very common issues and mistakes at the time of choosing the right ITR form or while filling up the correct form have also been addressed in this video.The video will come handy in E-filing of Income Tax Return in quick time.
To begin filing ITR 1, one needs to access the government’s income tax website www.incometaxindiaefiling.gov.in and log-in using the credentials. Thereafter, you will need to enter basic information about filing such as PAN, assessment year etc. The beauty of ITR 1 is that a lot of details are pre-filled. Much of the details such as your name, PAN, date of birth, Aadhaar, basic details of your salary which come from your Form 16 and employer filings, details of TDS fetched from Form 26AS, etc, will be there on the screen for you to verify and confirm.
There are about 5-6 Tabs which will require information to be furnished individually. Once, any figure or data is entered, you can keep saving the details as Draft.
Income under the head salaries
One of the Tabs will show your gross salary, allowances and value of perquisites which will be captured from your Form 16. The form is not only pre-filled but also computed and takes into account the ‘Income under the head salaries’.
Income from House Property
In one other Tab, Income from House Property needs to be added. It allows you to enter any mortgage interest that you have paid on a home loan, which is restricted to Rs 2 lakh in a year. If the interest paid is more than Rs 2 lakh and you wish to carry forward the loss under House Property, then ITR 2 form needs to be filed. You can get the interest paid ( during the year) on your home loan from the home loan statement provided by your lender.
Income from other sources
Then, you need to enter ‘Income from other sources’ such as interest income, agricultural income or dividend income, income tax refund, family pension etc. These will be shown as a drop down to select as per your requirement.
Arriving at total income
With this, Gross Total Income gets computed and various deductions availed by you are then accounted for to arrive at the total income. A mistake many people make is when they do no add exempt income. It is also important to add Exempt income which could be agriculture income, superannuation income etc. Finally, computation of tax payable is all done automatically, after taking into account any TDS deducted by your employer and any Advance Tax payable by you.
Last step of verification
After proper declaration and opting the method to verify, you need to ‘Preview and Submit’ the ITR form. There are several ways to verify your ITR, including the e-verification using Aadhaar number. Verification is to be done until then the ITR filing remains incomplete.