As the financial year ends, you need to collect proofs of income, investments, bank statements and expenses to file your income tax return.
ITR-1 can be filed only by resident individuals who have income of up to Rs 50 lakh. The income can be from either of the following sources only- salary or pension, one property, other sources such as interest income.
To file ITR-1, the following documents are needed- PAN, Aadhaar, Form 16 issued by the employer and Form 26AS from TRACES.
To e-file a tax return, you should visit the website www.incometaxindiaefiling.gov.in and register with a user id (PAN) and password. If you are already registered, simply click on the registered user tab and add your login credentials to access the dashboard.
Click on the ‘income tax return’ page. Select assessment year, ITR form and submission mode. You can select the ‘Prepare and submit online’ option and then the pre-filled fields. Click on a suitable e-verification option. General information like personal details need to be filled.
Next, you will be taken to the computation page. After adding data in the tax computation details, the tax payable will be generated.
Submission of return
You can pay tax due using Net banking or your debit card. Once all details are filled and verified, a preview of the ITR will be shown for verification and changes, if any. If you are satisfied with the details entered, submit the return and complete the process.
(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)