Before you start filling your return, you should know which form you are eligible to file. The tax department has revised the income tax return (ITR) forms for this year. Therefore, if you use the wrong one to file your return, it will be considered as a defective ITR and you would have to file it again.
ITR Form-1 or Sahaj You are eligible to file ITR Form-1 (Sahaj), if you satisfy the following conditions: a) Resident Indian (Other than not-ordinarily resident); b) Income in the financial year 2017-18 does not exceed Rs 50 lakh; and c) Sources of the income are one or more of the following: (i) Income from Salary; (ii) Income from one house property only; and/or (iii) Income from other sources such as interest income from savings bank account, fixed deposits etc.
If you are not eligible to file ITR 1, click here to know which ITR form applies to you for FY 2017-18.
Documents to keep handy Before you start filing ITR, you need to know all the sources from where you have earned income in FY 2017-18. If you don't mention all your income details, you could end up with a notice from the tax department. You might even have to pay additional tax along with interest.
Therefore, before you start filing ITR-1, there are certain documents that one must keep handy.
List of documents/calculations to keep handy: a) PAN card is one of the main requirements to file your ITR. Without this you cannot file your return. Also, you will be required to enter your PAN details while registering yourself for the first time on the income tax e-filing website or logging into it.
b) Aadhaar number is another mandatory document which is required while filing your tax returns. Before you start filing your return, your PAN must be linked to your Aadhaar. Click here to know how to link your PAN with Aadhaar.
c) Form 16/Salary slips for details of income from salary d) Interest certificates for interest received during the FY 2017-18 from savings bank account, fixed deposits, recurring deposits etc. Make sure you have updated your bank and/or post office account/s passbook till March 31, 2018 to know all interest incomes that have credited in your account.
e) Gross rent received/receivable if you have rented your house property f) Proof of municipal taxes paid for the house as mentioned above during the year g) Updated passbooks of all the active bank accounts held by you showing all the transactions during the financial year 2017-18, i.e., from April 1- March 31. You must also have the correct IFSC code and account number as you will be required to enter these while filing ITR and to receive refund, if any.
h) TDS certificates/challan receipts of advance tax paid during FY 2017-18. If TDS is deducted from your salary or other income, ensure that the deductor has given you all the TDS certificates for the FY 2017-18. Also, if you have paid any advance tax during the year, then keep the challan receipts handy to know how much tax is already paid by you. i) Form 26AS: If the TDS is deducted from your income, ensure that the same is deposited against your PAN to the government. This can be checked by downloading Form 26AS from the income tax e-filing website. Form 26AS is an annual consolidated tax statement which shows taxes that have been deposited against your PAN. It also shows the advance tax amount that has been deposited by you. After downloading Form 26AS match the TDS figures shown in it with TDS certificates received by you. Click here to know why you should match Form 26AS with TDS certificates.
j) 80C to 80U deductions: Keep handy proof of all the tax-saving investments and expenditures done by you under various sections of the Income Tax Act such as section 80C and 80D during FY 2017-18. k) Income tax computation: Before you start filing your ITR online, make sure you have prepared your income computation as this time you will be required to provide break up of your salary income and income from house property.
Once all the required documents are collected and calculations are done, you can file your ITR completely online on the income tax e-filing website. The deadline to file ITR for FY2017-18 is 31 July, 2018. If you miss this deadline, you will be liable to pay penalty which can be a maximum of Rs 10,000. Click here to know how to file ITR1 online for FY 2017-18