Income Tax Return, ITR Filing: The last date to file updated income tax return for Assessment Year (AY) 2020-2021 is March 31, 2023. To file the ITR, the Income Tax Department offers seven forms — ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7, according to the official website incometaxindia.gov.in. One form — ITR-V is used for verification.
ITR 1 is also called Sahaj. It is the most commonly used form for ITR filing. ITR 1 is filed by taxpayers whose income is up to Rs 50 lakh.
ITR 1 Sahaj Form: Eligibility
- If your income is from one house property (the case where losses of previous years are carried forward are not included in this ITR)
- If your source of income is a pension or salary
- If you have the source of income with other sources.
- If the clubbed income of the minor or wife is shown, then ITR-1 can be filed only in case their source of income is mentioned in the above points
Income Tax: Documents required to fill ITR
- Salary slips
- Aadhar Card, PAN card
- Bank and post office savings account passbook, PPF account passbook
- Form-16 or TDS certificate is issued by an employer. It provides details of the salary paid to an employee and TDS deducted on it, if any
- Form-16A, if TDS is deducted on payments other than salaries such as interest received from fixed deposits, recurring deposits etc. over the specified limits as per the current tax laws
- Form-16B from the buyer if you have sold a property, showing the TDS deducted on the amount paid to you
- Your employer
b) TDS deducted by banks
c) TDS deducted by any other organisations from payments made to you
d) Advance taxes deposited by you
e) Self-assessment taxes paid by you
- Tax-saving investment proofs
- Proofs to claim deductions under section 80D to 80U (health insurance premium for self and family, interest on education loan)
- Home loan statement from bank.
How to file ITR online
Step 1: Visit the Income Tax e-Filing portal – https://www.incometax.gov.in/iec/foportal/
Step 2: Log in to the e-Filing portal by entering your user ID (PAN), Password, Captcha code and click ‘Login’.
Step 3: Click on the ‘e-File’ menu and click the ‘Income Tax Return’ link.
Step 4: Click on ‘Continue’
Step 5: Fill all the applicable and mandatory fields of the Online ITR Form.
Step 6: Choose the appropriate Verification option in the ‘Taxes Paid and Verification’ tab.
Step 5: I would like to e-Verify
Step 6: I would like to e-Verify later within 120 days from date of filing.
Step 7: I don’t want to e-Verify and would like to send signed ITR-V through normal or speed post to “Centralized Processing Center, Income Tax Department, Bengaluru – 560 500” within 120 days from date of filing.
Step 7: Click on ‘Preview and Submit’ button, Verify all the data entered in the ITR.
Step 8: ‘Submit’ the ITR.
Step 9: On Choosing ‘I would like to e-Verify’ option, e-Verification can be done through any of the following methods by entering the EVC/OTP when asked for.
Step 10: The EVC/OTP should be entered within 60 seconds else, the Income Tax Return (ITR) will be auto-submitted. The submitted ITR should be verified later by using ‘My Account > e-Verify Return’ option or by sending signed ITR-V to CPC.
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