Income Tax Returns 2018: Here is all you need to know

For filing income tax returns (offline or online), you need to keep handy checklist of several details including bank account details, PAN number, pay slips, rent receipts for claiming HRA, address of the house property.

By: Express Web Desk
New Delhi | Updated: July 31, 2018 12:34 PM IST

3 min read

The tax department has also opened the e-filing portal for those who are eligible for filing the ITR Form-1 (Sahaj).

The last date for filing the annual income tax return (ITR) for the financial year 2018-19 or assessment year 2018-19 is July 31. It is mandatory for people to file tax returns if their gross total income (before allowing deductions under section 80C to 80U) exceeds Rs 250,000 in a financial year.

The limit is Rs 300,000 for senior citizens (more than 60 years old, but less than 80 years old) and Rs 500,000 for super-senior citizens (more than 80 years old). One can file his/her return involuntarily even if your income is less than the maximum exemption limit.

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Read | Why you should file an ITR even if your income is non-taxable

To make things easy for people, the tax department has explained the different categories of ITR forms like for self-employed professionals, businesses, salaried employees, freelance workers etc.

The tax department has also opened the e-filing portal for those who are eligible for filing the ITR Form-1 (Sahaj). 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.

Unlike last time, the ITR Form-1 (Sahaj) has undergone many changes. Before filling the ITR Form-1 (Sahaj), you should keep in handy details regarding income from any source, such as property, salary, breakup of salary, last year’s tax returns, bank statements, TDS (Tax Deducted at Source) certificates and Profit and Loss (P&L) account statement, balance sheet and audit reports, if applicable. You would need to pay a late fee under fee u/s 234F if you miss the deadline.

READ | How to file Income Tax Returns Form-1 (Sahaj) online

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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.

ALSO READ | How to file different categories of ITR forms online

Taxpayers can now file their returns from the comfort of their home by registering not only on the income tax department website i.e., http://www.incometaxindiaefiling.gov.in. but some other websites as well.

RELATED REPORT | These 5 websites can help you file your ITR

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Documents needed to file ITR

For filing income tax returns (offline or online), you need to keep handy checklist of several details including bank account details, PAN number, pay slips, rent receipts for claiming HRA, address of the house property.

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