The deadline to file the income tax return is 31st July 2018 for individuals. 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, income from salary, income from one house property (excluding cases where the loss is brought forward from previous years) and income from other sources (excluding winning from lottery and income from race horses, etc.) are required to be disclosed in the ITR Form-1
A fine of Rs 5000 will be levied if you file ITR after July 31st and till December 31st. A fine of Rs 10,000 will be charged if the ITR is filed after December 31st and till March 31st. One will not be allowed to file the tax return post-March 31st, 2019. The basic exemption limit for individuals and HUF is Rs 2.5 lakh, for senior citizens above 60 years, it is Rs 3 lakh and for super senior citizens above 80 years, it is Rs 5 lakh. For a company or a firm, it is mandatory to file a return irrespective of income or loss. Also, in some cases, even if the income of an individual is less than the taxable income, she/he might have to file a return. For instance, if an assessee has a bank account or any asset or any financial interest in any entity located abroad, then she/he must file a return and also furnish details of such accounts, assets and financial interest in the tax returns.
In order to file your return, gather documents like PAN card, receipt of donation, Form 16, proofs of investments, Form 60A, Form 26AS and bank details, among others.
Here are the steps to file Income Tax return( watch the video above)
Step 1- login to www.incometaxindiafiling.gov.in
Step 2- In order to log in, mention user ID, password, captcha and update the details if need be.
Step 3- Go to E-file tab to select IT Return. Mention Assessment year 18-19, select the Form ITR 1 (Sahaj). In the submission form, select prepare and submit online.
Step 4- Going through the instruction tab you will find that the ITR 1 has 5 parts.
PART A- general details
PART B- Income details
PART C- Deductions
PART D- computation of tax payable
PART E- Bank details
Step 5- Fill the PART A, give information like Name, Aadhaar number, phone number, Mail ID, PAN, area, pin code, mobile number etc
Step 6- In PART B insert information like income from salary, income from house property and income from other sources. Use Form 16 to fill in the details of the salary. When filing the details of the income from house property, choose between self-occupied and let out property under house property, select both if you have lived in both and mention interest paid for the home loan if a deduction is availed under section 24A. Give details of ‘Income from Other Sources’ which includes income like interest income from term deposits, bank deposits, fixed deposits and National Saving Certificate.
Step 7- In part C, fill out the details of deductions availed under chapter VI A.
Step 8- In part D, the details of tax payable, the tax amount, Cess amount, rebates and TDS deducted shall appear.
On the right-hand side, click on the E-pay tax to pay the tax and generate the challan. Do not forget to mention exemptions like long-term capital gain exempt u/s 10(38), Interest from PF, dividend from equity shares, agricultural income below Rs 5000 and other exemptions.
Step 9- After filing the part D, go to part E. Fill bank details. Click the add button to give details about other bank accounts.
Step 10- Under undertaking of verification, provide details like name, father/mother’s name, a capacity of filing the return, PAN number, place and date.
Review it once and press submit.
Step 11- Send the ITR form for e-verification. The verification can be done using Aadhaar OTP, EVC through the bank account, demat account, bank ATM and Net banking.