Income Tax efiling Process (ITR1): A Step-By-Step Guide for AY 2017-18.
So you have decided to file your ITR1 online yourself for AY 2017-18 which also means for the financial year ended in March 2017. It’s a simple process, will take maximum 1 hour, during which you can revise and preview it at least 10 times to check and correct any mistakes if any.
Assumptions:
1. You have, Form16 from your employer.
2. You know about this GOI webpage https://incometaxindiaefiling.gov.in/ and have created a login here.
3. You are aware of 26AS details, to match all TDSs deducted by your employer or from a Bank on Bank FD.
4. You have linked your Aadhar number by visiting this page already.
5. Your Aadhar number is linked to the phone number which is in use and you have that phone operational, because your ITR1 will be verified by an OTP sms sent to this same phone number.
Keep following things ready when you start filing the application online.
Aaadhar number, Form16, details of all your Savings accounts in India with IFS Code
Following are some simple and some confusing junctures where you might need help.
1. Login, choose ITR1, and fill “Part A General Information” tab, this should be very simple, needs no help, no confusions, some of the fields might be prefilled from your previous year’s submission. Click on images to open them bigger.
2. Income Details, row B1 : The confusing part, everyone forgets every next year. But simply read your Form16. Every time one files ITR1, the question comes what to fill in row B1: “Income from Salary / Pension (Ensure to fill such as TDS1”) . Well no more confusions, simply fill the amount mentioned in your Form16 given by employer under section “6. Income chargeable under the head 'salaries' (3-5) “
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| Sample Form16 copy. |
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| Income Details |
3. Income Details, row B2 : So you have a house loan, you can fill the interest paid in last financial year as a loss , and this amount gets deducted from your taxable income, I wish you are aware of this already and had informed or declared to your employer. This amount should be filled with a – minus sign , it has to get subtracted from B1 amount. If you don’t have a house lone , skip filling anything here.
4. Income Details, row B3 Income from other sources: If you any bank FD and got interest in last financial year you need to fill that income here if that was >10000 and mentioned in 26AS page. This amount will get added to your taxable income, because you may or may not have informed about your employer about this in January or February.
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| tax details page |
6. Taxes Paid and Verification:
Row D12 calculates some tax is due to be paid or you will get a refund from tax department, because of the new numbers you have filled in ITR1. It can very well be the case , imagine you forgot to inform your employer about home load interest part so you may get refund. In another case one may have a bank FD amount, which should be disclosed here , so liable to pay the extra tax.
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| taxes paid and verification |
If you have to pay some extra tax, which goes into self assessment tax, pay it online , there is separate link for it, the button appears automatically in row D12 , so pay it through net banking. Once paid get the challan number , BSR code etc from your electronic foil, fill those details
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| self assessed tax |
As you add these details , this amount will appear in "Taxes Paid and Verification" page's row D11 (ii) "Total self assessed tax paid". As you have paid all your dues , now amount in D12 should become 0.
7. Preview & Submit: carefully read all your details, take help from more experienced ones before submission. In order to complete the submission, you would want to use Aadhar linked phone to verify your submission at the end.
If you have any questions , you can ask in comments section , I will try to get it for you.
