Income Tax Return (ITR) filing: Are you planning to file ITR 1 form? here's how to do it

Income tax returns (ITR) filing: The Income-Tax department has opened an e-filing window for income tax return (ITR) for assessment year 2018-19 on its website for salaried employees. For Assessment Year, a one page simplified ITR Form-1(Sahaj) has been notified, and it can be filed by an individual who is resident other than not ordinarily resident, having income up to Rs 50 lakh, and who is receiving income from salary, one house property/other income (interest etc).

Earlier ITR-1 form was applicable for both residents, residents not ordinarily resident (RNOR) and also non-residents. Now, this form is made available only for resident individuals. Earlier, an individual had to show his salary break-up in Form 16, which has been changed and brought under the ambit of ITR-1 form. Apart from this, the revised ITR-1 form also has requirement to furnish a break up of Income under House Property which was earlier mentioned in ITR -2 and other forms. 

Here’s what you need to know about ITR form 1 

This form is simplified in one page for individuals having income upto Rs 50 lakhs from sources like Income from Salary/Pension, Income from One House Property and Income from Other Sources. 

Who cannot file

Individuals having income from sources like more than one House Property, Lottery, Racehorses, Legal Gambling etc., taxable capital gains (Short term and Long term), agricultural income exceeding Rs 5,000, Business and Profession. 

Also, if an Individual who is a resident and has assets (including financial interest in any entity) outside India or signing authority in any account located outside India cannot file ITR through it. 

Even individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.

Structure of 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

How to file

Step 1. Login to e-filing website with User ID, Password, Date of Birth /Date of Incorporation and Captcha.
Step 2. Go to e-File and click on "Prepare and Submit ITR Online".
Step 3. Select the Income Tax Return Form ITR 1/ITR 4S and the Assessment Year.
Step 4. Fill in the details and click the "Submit" button.
Step 5. Upload Digital Signature Certificate (DSC), if applicable. One needs to ensure the DSC is registered with e-Filing.
Step 6. Click on "Submit" button.
Step 7. On successful submission, ITR-V would be displayed (if DSC is not used). Click on the link and download the ITR-V, which will also be sent to the registered email. If ITR is uploaded with DSC, the Return Filing process is complete.
File ITR online (on Income Tax website)

The notified ITR Forms are available on the official website of the department www.incometaxindia.gov.in. The last date for filing the ITR is July 31.