Most salaried individuals, file their income tax return usually in ITR-1.
ITR is short form of Income Tax Return. There are several forms of ITR according to different income and status of the person.
For F.Y.
2019-20, ITR-1 can be filed only by those taxpayers who are individuals being a Resident (other than Not Ordinarily Resident) and whose total income does not exceed Rs 50 lakh.
Also, remember that ITR-1 has to be used by those individuals who have -
- income from salary/pension,
- one house property, and
- income from other sources (Interest etc.) and
- Agricultural Income up to ₹ 5,000
However, in case you made capital gains or own more than 1 house property, then you are not eligible to file ITR-1.
Also, ITR-1 is not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares.
Remember that, PAN and Aadhaar card details are mandatory for furnishing income tax return
Before you start to file your ITR, you should collect the required documents. You can get detailed information about the documents which are required for filling Income Tax Return from my previous blog, the link of that blog is as follow:
Another option is to 'Prepare and Submit Online'. Here you do not have to download any software utility as you are required to enter the information directly on to the ITR-1 form online and submit it on the income tax e-filing website. Person who are eligible to file ITR-1 or ITR-4 can file their return using this option. Good thing is that these ITR-1 and ITR-4 are partially pre-filled. Although they are pre-filled ITRs but you are required to check the pre-filled information, correct it if required, mention any information if missing, and then file their income tax return.
Before going to file ITR online on income tax e-filing website, you need to be registered user. If you have PAN then you can easily Register on e-filing website. But if you don't have PAN then don't worry if you have Aadhar Number then also you can obtain PAN within a minutes on e-filing website.
Once you have registered yourself, you can login to your e-filing account to file your ITR.
Remember, your user ID is your PAN. After logging in to your A/c, you are required to select 'Filing of Income Tax Return' and you will be re-directed to a new page where you will have to select the following from the drop-down menu:
ITR Form No. - ITR-1
Filing Type - Original/Revised Return
Submission mode - 'Prepare and Submit Online'
Don't forget to select the pre-validate bank account where you wish to receive your income tax refund, if any.
Also, select the bank A/cs that are to be reported in while filing ITR. In case, you have closed any of your bank A/cs in the previous FY, then you don't need to report that account.
If you wish to file your ITR in Hindi language, select the tick box under the 'Bank Account details' section
In the ITR-1 form, your PAN, name and birth date will be pre-filled. Certain information such as address, mobile number, email-ID and tax details from Form-26AS will be pre-filled. You can edit them, if you spot any errors in these fields.
In a bid to make ITR filing process easier for taxpayers, the IT department has started providing pre-filled returns to the taxpayers who are filing their tax return using ITR-1 on the online platform. The platform will have pre-filled information such as name, Aadhaar details, salary details and so on.
The online ITR-1 form on the website is divided into 7 tabs:
General Instructions
Part - A General Information
Computation of Income and Tax
Tax Details
Taxes Paid & Verification
Schedule DI
Schedule 80D
Donations -80G
Donations - 80GGA
Before you start filling the form, you need to read the 'General Instructions'. 'General Instructions' will help you to know the format in which you are supposed to enter the data. For example, date must be entered in DD/MM/YYYY format.
Part- A General Information
In this part of ITR-1, you are required to provide general information such as name, PAN and so on. Most of these details as mentioned above will be pre-filled. You must check and ensure that these are correct.
If there is a mistake in any of the editable fields (mobile, email ID, address) then you can enter the correct information. Ensure that you have correctly selected the nature of employment and section under which return is filed, for example: 139 (1) - On or before Due Date or 139 (4) if the return is filed after the due date.
Once you have checked and filled all the information in all the required boxes, next step will be to fill in the details of income - from salary, house property and other sources, as applicable.
Due to Covid-19 pandemic, the government has extended the deadline for making tax-saving investments for FY2019-20 to July 31, 2020 from the usual deadline of March 31, 2020.
Further, a new 'Schedule DI' has been introduced in the income tax return filing form notified for FY
2019-20.
In this tab, an individual is required to furnish the details of the tax-saving investment and expenditures made during the extended period i.e. between 1st April, 2020 and 31st July, 2020.
Similarly, reporting of expenditure made under section 80D has been changed.
This year an additional tab has been introduced to report the details on claiming tax-benefit under section 80D. Remember this section offers tax benefit on the health insurance premium paid for self, family and parents. As per current income tax laws, the tax benefit under section 80D depends on the age of an individual insured. Hence, while claiming deduction u/s 80D, be careful while selecting and filling the information in the relevant ITR form.
Your tax payable amount will be calculated automatically by the portal, once you have fill-in the details related to income and tax-saving benefits (including in Schedule DI & section 80D).
The portal will also automatically take into account the taxes that have been deducted and/or paid by you during the F.Y.
2019-20.
The 4th tab is 'Tax details' which shows the tax deducted by your employer/bank. If any self-assessment tax/advance tax paid, this will also be reflected in this section.
The 5th section is "Taxes Paid and Verification". Here, check the final calculations of tax. The final tax calculations will show you if you are required to pay any additional tax or any tax refund is due to you.
If you have made any charitable donations during F.Y. 2019-20, like "PM-CARES" etcs then you can claim tax benefit on such donations in 6th or 7th tab, i.e. 80G or 80GGA, as applicable.
Select the bank A/cs that are required to be reported in your ITR. If you have closed any bank A/c in the previous year, you can also delete the same. If any tax refund is due, don't forget to select the A/c in which you want your refund to be credited.
Once bank A/cs are selected, select the option using which you wish to verify your income tax return.
Once you click on 'Submit', the e-filing website will re-direct you to the option selected by you for verifying your ITR. Most popular amd common option of income tax return e-verifing is Aadhar based OTP verification.
Disclaimer:
The above article is meant for informational purpose only and does not purport to be advice or opinion, legal or otherwise, whatsoever. While due care has been taken during the compilation of this article to ensure that the information is accurate to the best of our knowledge and belief, the contents of such article do not substitute for professional advice that may be required. The individual expressly disclaims all and any liability to any person who has read this document or otherwise, in respect of anything, and of consequences of anything done, or omitted to be done by any such person in reliance upon the contents of this article.
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