Filing income tax returns, is mandatory for individuals whose total income exceeds exemption limit allowed for the financial year. The new deadline for filing ITR is August 31 for the assessment year 2018-19.
Form 16 and Form 26AS are the two of the most important documents required to file ITR. You can obtain Form 16 from your employer and Form 26AS can be downloaded online.
The new ITR-1 form or ‘Sahaj’ form is meant for resident salaried individuals. It has five parts Part A (General Information), Part B (Gross total Income), Part C (Deductions and taxable total income), Part D (Computation of Tax Payable), Part E (Other Information) and two schedules Schedule IT (detail of advance tax and self assessment tax payments), Schedule TDS (detail of TDS/TCS).
Here’s a step-wise guide on how salaried people can file their returns online using ITR-1
Step 1: Open e-filing website (https://portal.incometaxindiaefiling.gov.in) and click on “Filing of Income Tax Return” tab on the left-hand side menu. You will be redirected to a new window where you will be asked to login. Use your user id (which is your PAN no), password, date of birth/ date of incorporation and the captcha to log in to the e-filing portal.
Step 2: Select the assessment year as 2018-19 from the drop-down menu, then you have to select ITR-1 from the “ITR Form Name” drop-down menu. In the “Submission Mode” drop-down menu select “Upload XML” option. Following this, you will be asked to select the appropriate option for ITR verification. Select the option that suits you the best and press continue to proceed.
Step 3: Download the ITR-1 preparation software for the assessment year 2018-19 to your computer or laptop from the “Downloads” page of the e-filing website. Prepare the ITR using the downloaded software. Before preparing the ITR, gather all the information regarding your income like tax payments, deductions, salary slips, Form-16 and Form 26AS etc. Enter the personal details and tax payments/TDS by clicking on the ‘Pre-fill’ button. Make sure that nothing is left out. Enter all data and click on ‘Calculate’ to compute the tax and interest liability and final figure of refund or tax payable. If tax is payable- remember to pay immediately and enter the details in appropriate schedule. Generate and save the income tax return data in XML format in the desired path/place on your PC or laptop.
Step 4: Upload the filled in ITR XML file which you have saved on your computer or laptop and enter the OTP received on your registered mobile number. Select “I agree to validate my Aadhaar details with UIDAI” and submit.
Step 5: Once the ITR is submitted successfully, ITR-V would be displayed. Click on the link and download the ITR-V. The Income Tax department will also send a copy of ITR-V to your registered email. If ITR is uploaded with DSC, the return filing process is complete. Verify your ITR or it will be considered invalid.>