Sunday, 24 July 2016

How to e-File Income Tax Return (ITR1-Sahaj)?

The last date to file income tax returns for the Financial Year 2015-16 (Assessment Year 2016-17) is 31st July, 2016 (Extended to 5th Aug, 2016). ITR-1 (Sahaj) is applicable for following class of Individuals:
  • Income from Salary/Pension
  • Income from House Property (Only 1 House)
  • Income from Other Sources

This form is not applicable for following class of Individuals:
  • Income from more than 1 House Property
  • Winnings from Lotteries or Horse Races
  • Income from Capital Gains Not Exempt from Tax (Short or Long)
  • Income from Agriculture Income in excess of Rs 5,000/-
  • Income from Business or Profession
  • Losses brought forward from previous years or Other Head Sources.

I have discussed about the various Tax Forms and their applicability in my previous post. In this post I will try and show you how to file ITR-1 online. You may check the link below to understand Income Tax Form applicable for you.

Before You Start keep the following information ready with you:
  • PAN Card
  • Bank Account Numbers/IFSC Codes and Statements for the Financial Year.
  • Form 16
  • Aadhar Card Number (If Available)

Steps to e-File Income Tax Return (ITR1-Sahaj)

Now Login if you are a Registered User or New Users need to register themselves.

For New Users: After Clicking Register Yourself

Once You have provided the User type details click continue

Enter the Basic details and click Continue to go to the Registration Form.
Fill up the Registration Form carefully and provide valid mobile number and email id to successfully complete the registration process. Following which you will receive an activation link on your mail to activate your profile.

For Registered Users as well as Newly Registered Users:
Login to your account by providing the required information. After logging in a pop up will appear asking you to link your Aadhar ID with the profile, you may chose to do it right away or same can be done later. (If you have the Aadhar ID, it is recommended that you link it immediately)

Click on Form 26AS to find out the Tax Credit Statement (Tax Deducted at source TDS,TCS and Refund). Also verify the same with your Form 16 Statement. Now you may file the return through the link shown below:

After Selecting “Prepare and Submit Online ITR” Option make following Selections:
ITR Form Name: ITR1
Assessment Year: 2016-17
Prefill Address With: From PAN Database/Previous Year Filing

Now fill in the Personal Information and Income Details.
Check the Tax Paid and Verification Details.
80G in case you have made donations eligible for Deductions.

Under Income Details: Income from Salary (Income Chargeable under the head "Salaries" should be considered)
Income from House Property (Only 1house) if applicable
Provide the Cumulative Bank interest earned under Income from Other Sources. Only Interest earned on Savings Account is eligible deduction U/S 80TTA (upto Rs 10,000/- )
Interest earned on Fixed Deposit and Recurring Deposit is taxable. 

In Personal Information: Under Filing Status
Column A22: Will be on or Before Due Date 139 (1) till 5th August, 2016
Column A23: Will be "No" for most, Unless Governed by Portuguese Civil Code

Deductions Available under Various Sections 80C, 80D etc. (Please refer to the link below for various deductions available)

Under Tax Paid and Verification: Provide the Bank Details of all the Bank accounts held by you.

Now after you have completed filing in the details Click Save Draft and Submit.
On Submission, You will be asked to e-Verify your return by following any of the steps mentioned below:

Once you are done with the verification download the file provided as attachment and you will also receive a mail confirming the same.

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