From 1st April 2017 onward, the Income Tax department has made easier for taxpayers to file Income Tax Return for salaried individuals. This year the Income Tax department had simplified the form filling process and for the Assessment Year 2017-18, there will be fewer columns, simplifying the tax filing process for people with salary and interest income.
But for most of the people, the filing of Income Tax Return will still be a bunch of jargon and here is a quick list to help you file your Income Tax Returns for the year 2016-17 and Assessment year 2017-18.
Here are some quick and easy step for filing Income Tax Returns online:
- First, open the Income Tax Department website incometaxindiaefiling.gov.in and register on the website.
- It is mandatory to have a PAN card, Aadhar Card to register for the Income Tax Returns.
- Download the form (IRS-1 or ITR-2), fill is and then upload the completed form online or chose to fill the form by selecting the quick e-file option available on the website.
- As soon as the Income Tax Return form is uploaded, please submit it with the required documents. Also, salaried employees need to attach Form 16 from their employers and other relevant documents for the tax deductions.
- After completing all formalities, an acknowledgment receipt is generated which is a final process that validates tax filing process.
The e-filing process for ITR-1 will be enabled from April 1 and ITR can be filed until July 31. From April 1, the 3-page ITR form will be shortened down to a single page, and various mandatory sections like disclosures of foreign trips and dormant bank accounts have been removed.
In the new form, parts relating to tax computation and deductions have been rationalized and simplified for easy compliance. Besides personal details, an income tax filer needs to disclose only his income from salary or pension, one house property and other sources like interest. Thereafter, deduction claims are to be stated, followed by computation of taxable income.
Bank details are to be filled in the column following that. Details of advance tax, self-assessment tax payments and tax deducted at source come next. In the column for providing bank details, cash deposited in excess of INR 2 lakh during November 9 to December 30, 2016 has to be mentioned.