Finally the time for filing income tax return has come again. Every year during this time, everyone has to file the income and saving details to income tax India department and get proper acknowledgement within due date. Like every year, income tax department has come up with a very much simplified form for salaried class people, in the name of New ITR 1 (Sahaj) Form.
There are various changes this time. After much hard work, income tax department has able to reduce the number of forms from nine to seven this year. Another important thing you have to notice is that Aadhaar is mandatory to file your IT return from now onward. Before proceeding further, just have a look at the previous year Income Tax Slab rate for AY 2017-18 (FY 2016-17).
Which ITR Form should you file?
Here are the details of new ITR forms which you should note down and proceed electronically and file your IT return. You can download the ITR Forms which are in PDF format by visiting Income Tax India official website itself.
- New ITR 1 (Sahaj) Form is now a single page form which is applicable for generally salaried class people. Find more details about the eligibility criteria below.
- The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms.
- The existing ITR 4 has been re-numbered as ITR 3.
- ITR 4S (Sugam) is now ITR 4 (Sugam).
- Besides them there is no change in the way of ITR filling
Who Can Use New ITR 1 (Sahaj) Form To File Income Tax Return Online?
As all the ITR forms are depending upon the income sources, here are the sources of income for which you can file New ITR 1 (Sahaj) Form online.
- In case you are salaried person or getting pension. Income should not exceed 50 lakh.
- Income from One House Property (excluding cases where loss is brought forward from previous years)
- Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
In case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income too is limited to the above specifications.
Here are the non-eligibility reasons to file ITR-1 Return Online
- 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
- 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.
- Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.
New ITR 1 (Sahaj) Form Filling Guide
First of all to start with the New ITR 1 (Sahaj) Form, you should be ready with your form 16 received by your employer or IT department. Also make sure you have verified your Form 26AS data with your form 16 about the TDS deducted. Keep all you bank account details, PAN number ready and now let’s start and filling New ITR 1 (Sahaj) Form online.
Here is the screenshot of the entire New ITR 1 (Sahaj) Form pdf, click here download the pdf version from here. You can download the same and fill up and then upload via https://incometaxindiaefiling.gov.in/. You can also login to their website start filling the available online form and then submit. In any case the form filling guide is same only.
Part A: Its all about your general & personal information. Provide details like your name, address, PAN, Aadhaar, Aadhaar enrollment ID, Residential status etc carefully.
Part B: This part is all about your total income excluding taxes from all sources mentioned like house property, income from other sources etc. Remember here the total should be less than 50 lakh to fill this ITR-1 form.
Part C: This part is all about the standard deductions like section 80C, 80D, 80G, 80TTA etc. If you have invested as per these sections then you can put up to the maximum limit of each section which will be considered as your exemption. Remember, you have to keep all the proof of investment if declared.
Part D: In this section your eligible tax payable amount will be calculated considering the previous declarations. If you use the online ITR-1 form this part will be calculated automatically from your entered data in the previous segments. Make sure you verify the same with your Form 16 and match the tax payable data. If not you either have to pay the balance tax or ask for a tax refund.
Part E: In this part you have to declare all your savings account, current account linked with your name. In the last section, share the TDS details and TAN of deducters so that you can get the exemption.
After that you have to provide your signature and either send it via courier or upload the same in income tax India website. In case you want to upload, you can also download the excel format of ITR-1 form and then fill up all the details. Personally, I prefer to fill up the ITR-1 form online and submit instantly. Not only that, if your Aadhaar is linked with your PAN, you can easily verify your ITR online also. Hopefully this article will be helpful for you.