What preparations to do before filing ITR 1 for financial year 2017-18?
Fri Jul 20 2018 / By: Jigi YadavITR1 which is also called Sahaj, is the commonly known and filed ITR. Generally, it is used by the salaried taxpayers. It is now a precise form from this financial year in comparison to earlier times. Since financial year 2017-18, you only have to provide the details of your salary income and property (house). You are also asked to tell the details of the values of your privileges/perquisites, allowances that are not exempted by the government and others like the interest you pay on borrowed capital etc.
Now, for some people, especially the first time taxpayers, ITR seems complicated. So, here is the simplest of all step-by-step detailed guide on what to do and how!
Firstly, you must know the forms for filing ITR1 for which you are eligible. You must be careful in downloading the forms as the Income Tax Department has revised the format and content of the ITR forms from this financial year. In case you fill the incorrect form, your ITR file will be considered as defective and you will have to fill the correct form again.
More about ITR Form-1 or Sahaj:
Below are the few terms and conditions which you need to follow before filing ITR:
1. Indian Citizen
2. Your income in the financial year 2017-18 not to be above Rs. 50 lakh
3. Income should be from:
- Salary
- One property (house)
- Bank interest- savings account, FDs etc. Documents to keep handy
Keep in mind that you must show up all your income sources otherwise you must end up in getting legal notice from Income Tax department. Check Incometaxindiaefilling website for more details.
Now, the important documents needed to file ITR 1 are as follows:
- PAN Card- The most important thing for filing ITR 1. You may also need it while logging into e-filling website.
- AADHAAR- You must link your PAN Card with AADHAAR as well. This is very important for e-filing ITR.
- Either Form 16 or Salary Slips to give income details from salary
- Bank interest certificates showing your earned interest for FY 2017-18 like- Savings Account, FDs, RDs etc. Keep your
- passbook handy if these have been transferred into your account.
- Proofs of tax paid, like municipal taxes for the year FY 2017-18
- Total (Gross) income earned from rented property
- If your TDS had been deducted for the FY 2017-18, you must furnish the TDS documents. In case of advance tax payments, keep the receipts safe.
- Form 26AS to be downloaded from e-filing website of the income tax department in case of TDS deduction against your PAN. This form gives all the necessary information (proof) of your TDS deduction and deposition against PAN.
- Tax saving proofs under Income Tax sections 80C and 80D, during the above mentioned financial year.
After every important document is collected, calculate and bifurcate your incomes separately, i.e. salary income and income from rented house or other property.
If you are satisfied with the authentication of all the necessary documents, you can simply file the income tax entirely online. Keep in mind that the last date of filing your ITR is 31st July 2018. In case you miss this date, you will have to pay a penalty which, in any case, is a loss to you.