New Delhi: The income tax return filing deadline is near. Generally, the last date to file ITR is June 30, however, this year the deadline has been extended multiple times to offer some relief to assessees amid coronavirus pandemic. Keeping in view the fact that getting all documents ready might be a little difficult in the current situation, the government extended the deadline for filing ITR for AY 2020-21 to November 30.
In order to avoid penalty of filing returns late, you need to ensure that your return is filed by November 30. ITR 1 form also known as Sahaj is meant for salaried individuals earning up to Rs 50 lakh annually. Only resident individuals can file a tax return using form ITR-1.
From documents required to who can file, here’s everything you need to know about filing returns using ITR-1:
- Income Tax Return in Form ITR-1 can be filed by any ordinary resident individual (not HUF) having an income of up to Rs 50 lakh. Total income for this purpose includes:
- Income from salary or pension
- Income from one house property
- Income from other sources such as interest from bank account (excluding winning from lottery and income from race horses, income taxable under section 115BBDA or Income of the nature referred to in section 115BBE)
- Agricultural income up to Rs 5,000
- In cases where there is an income of another person like spouse, minor child, etc., it is to be clubbed with the income of the assessee. Note that ITR-1 Form can be used only if the income being clubbed falls into one of the income categories mentioned above.
Documents required to file returns under ITR 1:
- General information: PAN number, Aadhaar number or enrollment ID in case you don’t remember your Aadhaar number
- Salary/pension: Form 16 from your employer, or multiple employers in case you have changed your job during the year
- Income from house property: Rent receipts, housing loan for deduction of interest etc.
- Income from other sources: Bank statement or passbook for computing interest earned on bank accounts, fixed deposits, time deposits, post office savings passbook, winnings from lottery details, details of clubbed income
In order to claim deduction under various sections, keep these documents with you:
- Contribution towards provident fund, NPS
- Child’s school tuition fee paid during the financial year
- Life insurance premium payment
- Health insurance premium payment
- Stamp duty and registration charges
- Principal repayment on your home loan
- Equity-linked savings scheme (ELSS) or mutual fund investment
- Receipts with details of donation eligible for 80G
- Form 26AS to verify the tax payment details as available in your form 26AS
Aside from all the documents already mentioned, you will need TDS details as you need to verify the TAN details and the amount of credit available in your Form 16 (for salary), Form 16A (Non-salary) and Form 16C (Rent). You will also need details of agriculture income, dividend income (if any), details of all active bank accounts held in India.
- Contribution towards provident fund, NPS
- Child’s school tuition fee paid during the financial year
- Life insurance premium payment
- Health insurance premium payment
- Stamp duty and registration charges
- Principal repayment on your home loan
- Equity-linked savings scheme (ELSS) or mutual fund investment
- Receipts with details of donation eligible for 80G
- Form 26AS to verify the tax payment details as available in your form 26AS
Aside from all the documents already mentioned, you will need TDS details as you need to verify the TAN details and the amount of credit available in your Form 16 (for salary), Form 16A (Non-salary) and Form 16C (Rent). You will also need details of agriculture income, dividend income (if any), details of all active bank accounts held in India.
In order to file your ITR, you have to register yourself on the Income Tax Department’s e-filing website. The registration process is quite easy. You need to keep your PAN card handy and enter the details required to register. While registering yourself on the portal, you will be required to provide your mobile number and email address which is mandatory.
Details required for registration:
- Valid PAN
- Valid Mobile Number
- Valid Current Address
- Valid Email Address, preferably your own
How to register:
- Visit www.incometaxindia.gov.in. Click on ‘Register Yourself’.
- Select the user type: ‘Individual’ from the list of options available. Click on ‘Continue’. Apart from Individuals, only Hindu Undivided Family (HUF), Other than Individual/HUF, External Agency, Chartered Accountants, Tax Deductor and Collector and Third-Party Software Utility Developer can register themselves on the e-filing website
- Enter your required details: PAN, Surname, Middle Name, First Name, date of birth (as mentioned on PAN), residential status. Click on ‘Submit’.
- Fill in other details such as password, mobile number, landline number, email ID, and address. Ensure that you have filled this information correctly. The income tax department will be using your contact details to send you SMS/mails etc.
- Click on ‘Continue’ once all the required details are filled in the registration form.
- Verify your registration to complete the process. A one-time password (OTP) will be sent to your mobile number and a verification link will be sent to your email address. Enter the OTP received and click on the link received to successfully register yourself on the e-filing website.
How to login on income tax e-filing website:
Once you have successfully registered yourself, you can now login to your account on the income tax website. Your PAN will be your user ID to login to your account. You will need to enter your password and captcha to log-in to your account.
How to file ITR online:
- Visit the Income Tax Department portal: incometaxindiaefiling.gov.in
- Select the filing of income tax return option.
- Next to select the assessment year you will be re-directed to a new page. Select the assessment year from the dropdown menu, then choose your assessment year, along with ITR form number 1, and filing type – original or revised return.
- After that under the submission mode, click ‘prepare and submit online’.
- Next, select the pre-validated bank account. This is the bank account where will receive the IT refund if you are eligible for any.
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