Income Tax Returns Online Filing for AY 2018-19: How to File ITR Online at incometaxindia.gov.in With New ITR-1 Form in Easy Steps
The Income Tax (I-T) department has opened a window to file income tax returns (ITR) for the assessment year 2018-19.
Mumbai, May 7: The Income Tax (I-T) department has opened a window to file income tax returns (ITR) for the assessment year 2018-19. Salaried people whose income is up to Rs 50 lakh are supposed to file ITR using. Last Month, the I-T department has made changes in the ITR-1 form.
Only resident individuals can file ITR using the new ITR-1 form. Earlier, both resident and non-resident individuals could file the return using the ITR-1 form. One needs to provide salary break-up and the break-up of income under "House Property" while filing returns using ITR-1 form.
There are five parts in the new ITR-1 form:
• 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)
Apart from these there also two schedules --Schedule IT (detail of advance tax and self-assessment tax payments), Schedule TDS (detail of TDS/TCS).
How to file an Income Tax return:
Step 1 Go to the official website -https://portal.incometaxindiaefiling.gov.in then Click on "Filing of Income Tax Return" tab on the left-hand side menu. Fill the required details in a new window that will open for login. Your PAN card will be your user ID.
Step 2: Select the assessment year as 2018-19, then select ITR-1. In the "Submission Mode" drop-down menu select "Upload XML" option. Following this, you need to select whether you want to verify the return through aadhar card or through your account number, and then press continue.
Step 3: Download the ITR-1 preparation software for the assessment year 2018-19 on your system from the "Downloads" page of e-filing website. Prepare the ITR using the downloaded software. Click on 'Pre-fill' button to pre-populate the personal details and tax payments/TDS. After entering the data click on 'Calculate' to compute the tax. You will get to know immediately whether you are getting a refund or you need to pay the tax. Generate and save the Income Tax Return data in XML format.
Step 4: Upload the filled in ITR XML file which you have saved on your computer. Then enter the OTP received on your registered mobile number. Select "I agree to validate my Aadhaar details with UIDAI" and then submit.
Step 5: Once you submit your return, ITR-V would be displayed. Click on the link to download the ITR-V. You will also receive ITR-V on your registered email.
Upload Digital Signature Certificate (DSC) with the ITR to complete the process successfully. In case, the return is not uploaded with DSC, Then you need to print the ITR-V Form. After signing the form it should be submitted to Central Processing Centre (CPC) within 120 days from the date of e-Filing. The return will be processed once CPC receives your ITR-V form. The last date of filling the ITR is July 31.
(The above story first appeared on LatestLY on May 07, 2018 06:52 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).