Friday, August 3, 2018
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Indian Real Estate News
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The most common income tax return (ITR) form used by salaried taxpayers is ITR1 or Sahaj. Although it is a single page form, unlike in the previous years, ITR1 for FY 2017-18 (AY 2018-19) requires you to give a detailed break-up of your income from salary and house property. The ITR form asks you to provide details of value of perquisites, non-exempt allowances, interest paid on borrowed capital and so on.
To handhold you during the entire income tax return filing process, here is a step-by-step guide right from registering yourself on the e-filing portal to the final step of verifying your ITR. There are videos in each story which will further guide you in the return filing process.
- How to prepare to file ITR 1 for FY2017-18
As ITR1 form has undergone various changes this year, this story tells you about what kind of incomes you should have to be eligible to file using this form and all the documents you must keep handy in order to file your return correctly. Watch the video on What is ITR and who should file ITR-1.
- How to file ITR 1 online for FY 2017-18
This is the next step after logging into to e-filing website. Read the story to see how you should fill in details the first tab 'Part A General Information'. Watch the video on how to file ITR1 online for FY 2017-18.
- How to fill salary details in ITR-1 for FY 2017-18
Once you have filled in 'Part A General information' in ITR-1, the next step is to enter details of your income in tab 3. The salary part of the form asks you to provide five details of your income: a) Salary excluding all allowances, perquisites and profit in lieu of salary, b) Allowances not exempt, c) Value of perquisites, d) profit in lieu of salary, and e) deductions under section 16. This story will walk you through how you can fill up this section of the form. Watch the video to know how to fill salary details in ITR 1 for FY 2017-18.
- How to calculate income from house property for ITR-1
If you have one house property, you are required to report the income earned from it in your tax return as well. This story will tell you everything you need to know about how to calculate your income from house property and how to fill-in these details in ITR1. Watch this video to know how to fill income from house property details in ITR-1.
- How to fill 'Income from other sources' in ITR-1
Most of taxpayers have various interest incomes and other incomes that they might forget to report while filing ITR. This story will tell you about the incomes that you are required to fill in the tab 'income from other source'.
- How to claim deductions under section 80C to 80U while filing ITR-1
The Income-tax Act offers various tax benefits on certain investments and expenditures that can help you lower your gross taxable income and thereby your tax liability. This story talks about all the deductions that you can claim to save on income tax and in which cell you are required to input such details. Watch the video to know how to claim deductions under section 80C to 80U in ITR-1.
- How to fill 'Tax Details' section in ITR1
The biggest advantage of using the online facility of filing ITR is that it auto-populates most of the details from your profile and tax passbook, i.e., Form 26AS. However, one must check details as shown in tab 4. Watch the video to know all the TDS details that you must verify.
- How to fill tax exempt income and bank details section in ITR1
This is one of the last tabs you need to fill in ITR1. Under the 'Taxes Paid & Verification' tab, you are required to enter details of tax exempt income including tax-exempt portion of allowances, details of your bank account, and fill the verification sub-section. Read this story to know how to report these incomes. Watch the video to know how to report tax-exempted incomes in ITR-1.
- How to register yourself on income tax e-filing website
To file your income tax return, you must be a registered user on the income tax website. The process of registering yourself is quite easy. Read this story to find out how and other ways to access your e-filing account. Watch this video to know how you can register yourself at e-filing website.
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