Economy

Income Tax E-Filing: How To File Returns Using ITR-1

Income Tax E-Filing: How To File Returns Using ITR-1”

The Central Board of Direct Taxes (CBDT) has ruled out the possibility of extending the date of filing income tax returns beyond the 31 July deadline, even as the tax office urged taxpayers to ensure complete adherence to norms and timely completion of the procedure.

In case you fail to file your tax return by the end of the assessment year 2017-18 but you have paid all the tax liabilities, the tax department will impose a penalty of Rs 5,000 on you if you can't convince them that the delay was justified or due to an unavoidable/uncontrollable circumstance.

While those in the low income brackets may detail their incomes during the financial year, CBDT said, those in the Rs50 lakh plus income group, including Hindu undivided families (HUFs), are required to disclose their assets as well in addition to income for the year.

The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed. For example, if you were to file your returns on July 31, the interest for the same will be calculated from April 1. This is not the case for ITR-2. And if you are among those who have still not filed their return or were not planning on doing it at all, here is why you must not miss the deadline.

The information has to be furnished in the new one-page, simplified as ITR-1 "Sahaj", for taxpayers who have income from salary, a house property or earn interest totalling upto Rs 50 lakh.

Column Part-E of the ITR-1 form seeks information on cash deposits made by the assessee between November 9, 2016 and December 30, 2016 if the "aggregate cash deposits" during this period were Rs 2 lakh or more.

Fill in the details, employer's name, address, bank statement, Aadhaar number, PAN number, date of birth. While it doesn't mean that you would have to bear penalties, the Income Tax Department has suggested to not avoid the deadline as the delay could lead to a loss of pay.



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