Income tax return filing for AY 2018-19: How to do it online using ITR-1 form

New Delhi: The Income Tax (I-T) department has already opened a window to file income tax returns (ITR) for assessment year 2018-19 using ITR-1 form for salaried people. If your income is up to Rs 50 lakh then you are supposed to file ITR using ITR-1 form. Last month the I-T department has made some changes in the ITR-1 form.

The new ITR-1 form is now applicable for resident individuals only in contrast to the earlier ITR-1 form where both residents and non-residents were using the form. The new ITR-1 form seeks salary break-up and the break-up of income under “House Property” also.

The new ITR-1 form 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).

ITR Form 1 (part A and B of ITR-1 form)

ITR Form 1(Part C, D and E of ITR-1 form)

Here is a step by step guide on how to file ITR online using ITR-1 form

Step 1-  Open e-filing website ( Click on “Filing of Income Tax Return” tab on the left-hand side menu. A new window will open for login. Use your user id (which is your PAN no), password, date of birth/ date of incorporation and a captcha to log in to the e-filing portal.

Step 2: Select the assessment year as 2018-19 from the drop-down menu, then select ITR-1  from the “ITR Form Name” drop-down menu. In the “Submission Mode” drop-down menu select “Upload XML” option. Following this, it will ask you to select the appropriate option for ITR verification as mentioned in the below image. Select the option that suits you the best. and press continue.

ITR efiling 1

Step 3: Download the ITR-1 preparation software for the assessment year 2018-19 to your PC / Laptop from the “Downloads” page of e-filing website. Prepare the ITR using the downloaded software. Before preparing the ITR, gather all the information regarding your income, tax payments, deductions etc. Pre-populate the personal details and tax payments/TDS by clicking on the ‘Pre-fill’ button. You have to ensure 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. Repeat above step so that tax payable becomes zero. Generate and save the Income Tax Return data in XML format in the desired path/place on your PC/Laptop.

Step 4: Upload the filled in ITR XML file which you have saved on your computer and enter the OTP received on your registered mobile number. Select “I agree to validate my Aadhaar details with UIDAI” and submit.

Step 5: On successful submission, ITR-V would be displayed. Click on the link and download the ITR-V. ITR-V will also be sent to the registered email. If ITR is uploaded with DSC, the Return Filing process is complete.

In case, the return is not uploaded with DSC, the ITR-V Form should be printed, signed and submitted to CPC within 120 days from the date of e-Filing. The return will be processed only upon receipt of signed ITR-V. July 31 is the last date for filing the ITR.

Source by timesnownews