19 Jul 2019
#FinancialBytes: Step-by-step guide to file ITR-1
July 31, 2019 is the last date to file Income Tax return for FY 2018-19.
While filing ITR, it is important to choose the right form; otherwise your application will be rejected.
Notably, salaried individuals whose income does not exceed Rs. 50 lakh per annum must file their return using ITR-1 or 'Sahaj' form.
Here's a step-by-step guide on how to file ITR-1.
Structure of ITR-1 form
ITR-1 has the following parts:
Part B has your gross total income.
Part C displays deductions and taxable total income.
Part D showcases the computation of tax payable.
Other information like your bank account details come under Part E.
Other parts of the form are Schedule IT and Schedule TDS.
How to file ITR-1 online
First off, log on to the e-filing portal of the Income Tax department.
Click on 'Submit returns/Online returns' link.
Log in to your account or register using your PAN, if you are a new user.
Select assessment year, ITR form (ie. ITR-1) and submission code.
Finally, select 'Prepare and submit online' option. Enter the required details and submit.
How to verify your return
You might think that filing your Income Tax return on time is all you have to do. But note that you also need to get your return duly verified.
There are various ways to verify your ITR such as Aadhaar-based OTP verification, or e-verification via net-banking.
You can also generate your EVC (Electronic Verification Code) via bank/Demat account, and bank ATM.
Separately, you can use Aadhaar instead of PAN for ITR
On a related note, you can now use Aadhaar number in place of PAN to file your I-T returns.
This comes after Union Finance Minister Nirmala Sitharaman in her budget speech announced that PAN and Aadhaar can now be used interchangeably.
Further, Aadhaar can also be used for services where quoting of PAN is necessary such as buying gold, MF etc.
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Documents needed to file ITR-1
Important documents required to file Income Tax return are Form 16, Form 26AS, Interest certificates from banks and other financial institutions, Aadhaar card, and salary slips, among others.
You can also download and upload the form
Another alternative to file your Income Tax return is to download the form as an Excel utility from the e-filing portal of the I-T department, fill in the required information, generate an XML file and then upload it.