It is tax season and taxpayers are preparing to submit their annual income tax return (ITR) for the financial year 2017-18 or assessment year 2018-19 to the Income Tax Department. To make it easy for people, the tax department opened the e-filing portal for those who are eligible for filing the ITR Form-1 (Sahaj). The last date for filing tax returns (physical or online), is July 31. Read | These 5 websites can help you file your ITR
ITR form 1 Sahaj is for the individuals with income from salary and interest basically those whose income is up to Rs 50 lakh. Unlike last time, the ITR Form-1 (Sahaj) has undergone many changes.
The form is applicable to residents of India. Before filling the ITR Form-1 (Sahaj), one needs to keep in hand details regarding Income from any source, such as property, salary, breakup of salary, etc. You would need to pay a late fee under fee u/s 234F if you miss the deadline.
Follow the process below to file your ITR online
There are two ways to file the form online. One is by manually entering all details and submitting the return online. The other is by uploading XML files through offline methods.
This form needs to be submitted to the Income Tax Department’s website.
Log on to http://www.incometaxindiaefiling.gov.in. You will need to keep your user ID, password and date of birth ready for this. You will also be asked to enter a captcha code.
When you sign in, click on the option which says “Filling of Income Tax Return”
Select the ITR form name, choose the assessment year as well as the submission mode. You will need to prepare this and submit it on the website itself.
Fill in the rest of the details as required and hit the submit button.
The system will generate a message of acknowledgment which will tell you that your income tax return has been submitted successfully. After this, the ITR-V would pop up on the screen. This will be the acknowledgment and you will need to download this. The ITR-V would also be sent to the email id you have registered with the IT Department website.
Log on to the website http://www.incometaxindiaefiling.gov.in. Go to the homepage. Click on the “Offline Utilities” option.
You will come across another option which says “Income Tax Return Preparation Utilities”.
Choose the Assessment Year for which you are filling the income tax return.
Download the offline utility (Excel or Java)
Prepare the income tax return form offline at your convenience, save it and extract XML files.
Then go online again, click on the “Filing of Income Tax Return” option and submit the XML files.
E-verify filing of your return within 120 days of submitting it to complete the process.