It's tax filing season. You have to e-file your income tax returns for FY 2017-18 (AY 2018-19) by July 31st. The Income Tax Department is watching you, so make sure you file Income Tax Returns (ITR) in time.
The income tax department has made tax e-filing really easy. The Tax Department has opened an e-filing portal and you and other citizens who are eligible to file ITR Form-1 popularly called Sahaj can easily e-file tax returns.
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If you are a resident Indian with income up to Rs 50 Lakhs a year from your salary and also one house property, then you have to file ITR Form -1 also called Sahaj.
So, when do you file ITR Form-1 (Sahaj)? You file ITR Form-1 if your total income for the Financial Year 2017-18 (AY 2018-19), includes:
You cannot file ITR Form-1 if you have agricultural income more than Rs 5,000; you own foreign assets, capital gains from a business, or income from more than one house property.
You can easily e-file ITR Form-1 on the income tax department’s tax e-filing portal. You must link Aadhaar with PAN before you e-file ITR Form-1. The deadline to link Aadhaar Card with PAN has been extended till March 31st 2019.
Before Filing ITR Form-1, make sure you have Form-16 and Form 26AS handy. Form 16 is an income certificate which gives details on TDS (Tax Deducted at Source) from under the head, “salaries”. Form 26AS is a form which shows that TDS deducted from your salary, has been deposited with the Government.
There are 2 ways of filing ITR Form-1 online:
SEE ALSO: How To Pay Zero Tax?
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