How to E-File ITR-1: ITR – 1 Form is one of the most well-known Forms which is mainly applicable to all the salaried employees. While here, all the salaried employees don’t fall into this category, some of the Employees have to file returns under ITR -2 Form. here you will get the information related to Income Tax.
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How to E-File ITR-1
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Who is Eligible for ITR-1 Form in the year 2017-18?
All the Individuals who fall into the below category are Eligible for ITR-1:
1. Income from Salary/ Pension
If your Employer has paid you any salary which is taxable and it falls under the “Income from Salaries” then you should definitely fill this form.
2. Income from one house property
This means that you are getting rent from a one house property. However, if you are getting -Salary from more than one house property, you don’t fall in this category.
Due to any reason, if you are facing loss under the head income from one house property, then you are not eligible for this Form.
Also Income from one House Property which means that Rental income and it doesn’t include any profit which you have obtained from the sale of the property. All the gains from the sale of property are taxable under head capital gains. Hence, this form is can’t be used for disclosing all of your gains.
In House property, all the rents are included such as Residential, Commercial, Institutional, Industrial, etc.
Also certain times, there is a loss of the head house property as there is more Interest paid on Home loan as compared to the total rent received. In all such cases, the taxpayer should disclose the loss which would then set-off against income from various other sources.
3. Income from all the other sources
This includes income from various sources such as Interest income, dividend income, etc. Thus, you can use this form for submitting the income tax returns.
Please note that this form is not applicable if you are gaining income from lottery, Race horses etc.
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Who is not eligible to file ITR 1 for AY 2017-2018?
All the Individuals who are getting an income of Rs 50 lakhs can’t fill this form. Also, all the individuals who are gaining Income from any of the below categories should not fill this form:
- Having more than one House Property
- Winning Lottery, Race Horses, Legal Gambling, etc.
- Income gained from either short term or long term capital gains.
- Agriculture Income more than Rs 5000
- Business or any Profession
- Any Individual having an asset outside India any signing authority in a bank outside India
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What are the methods of filing ITR Online?
There are mainly two methods of filing ITR Online:
1. E-Filing on Income Tax Portal: Enter all the relevant data of E-filing on the Income Tax Website. This is the most simple and effective method.
2. E-Filing or ITR using Excel Utility: In this process, you have to first download the Excel Utility from the website, fill all the details line by line and then generate XML file. Later, upload the XML file on the same website. This process is much complex as compared to previous one. All the taxpayers who have to pay tax using a form other than ITR-1 and ITR-4S will have to compulsory file returns using this method.
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How to E-file ITR-1? (Details about Step-1)
To E-File the ITR-1, follow the simple steps given below:
- First of all, visit the official website of Income Tax Portal.
- Log in with your Credentials.
- Then, on the left-hand side, click on the link, “Quick Filing of Returns”.
- Now, you will be able to view the image as shown below:
- Then you have to enter all the details and then click on “Submit”. Now, you will be able to see the Instructions as shown in the image below:
- After reading all the details, click on “submit”. You have to fill all the personal information in this tab. Please check all the details twice and then click on “save as draft”. Proceed to the next tab.
- The next tab is all about “Income Details”. Here, you have to provide all of your details as mentioned in the Form-16 of the Employer.
- All the details about the Tax Deducted from the employee and paid to the Government will be displayed in this tab. All the TDS details can easily be verified using the Form 26AS using an Online feature which contains all the details of Income Tax paid with respect to PAN.
- In the second last tab, you will be able to see the total taxes paid. Also, you have to provide verification.
- After you have entered the data in all the tabs. Click on the Submit Button and simply generate ITR-V Form. ITR-V Form contains details about the income, deductions and the tax paid.
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Now, you have to send the post via post to the following address:
Post Bag No. 1,
Electronic City Post Office,
Bangalore, 560 100, Karnataka
Please note that you have to send post within 120 days of filing the ITR.
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Important Changes made in ITR-1 for AY 2017-18
1. Linking of Aadhar Card is Compulsory
All the persons have to compulsory link Aadhar Number with the return of income. If any individual doesn’t possess an Aadhar and has applied for Aadhar then he/she has to link Enrolment ID with the ITR.
2. Disclosure of all cash deposits during demonetization
In the new ITR form, a new column is introduced, where all the taxpayers have to report of all the cash in the demonetization period i.e. from November 9, 2016, to December 31, 2016. If the taxpayers have deposited more than 2 lakhs, then only they have to report.
3. Disclosure of all the Bank Accounts
All the Individuals also have to provide details about savings and current accounts of the last year. But it is not necessary to provide details about inactive accounts which are not working for more than 3 years.
4. Simplified one-page ITR Form for salaried class taxpayers
As per the new rules, Government has simplified one-page form
‘ITR-1 SAHAJ’ for all the people having income up to Rs 50 lakhs as pension, salary or one house property and from any other resources. The Government has removed various columns which are described below:
- In the new “ITR-1 SAHAJ”, all the tax deductions are being retained such as Section 80C, 80D, 80G and 80TTA. However, if the taxpayer wants to claim any deduction, then he/she can claim under the column title “Any other”.
- Also here, Schedules of TDS and TCS have been merged into a single order to make ITR-1 simple.
- Here, new columns have been added to report dividend income and the long term capital gains.
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Frequently Asked Questions
1. How do I need to verify Income Tax Return I filled online?
You can verify Income Tax Return by two methods:
1. By Sending ITR – V Form to the CPC, Bangalore.
2. Using Electronic Verification code or Aadhar linked OTP within a span of 120 days.
2. Can I fill my return before all the tax payments are done?
Yes, you can file your Tax Payments online or through an agency after all of your tax payments are being made. The last deadline for filing the Income Tax is July 31 of that particular year. Hence, you get 4 months to file the Income Tax Returns.
3. Is it compulsory to file income tax returns by myself or I can take help of someone?
Yes, you can take help of a CA to file ITR. But, in order to ensure security, you should not allow anyone to have your PAN and Password.
4. How can I Check the status of Income Tax Refund?
You will be able to check the Income Tax Refund Status on its Official Portal. You can check after 10 days of filing ITR. To check, you have to provide PAN and correct Assessment Year.
We hope that you got all the important details How to e-file ITR 1 Form? If you like this article, then please share it with your family and friends.
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