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The Assets Tax Department has afresh opened the e-filing window for assets tax allotment (ITR) for banking year 2017-18 or appraisal year 2018-19 for bodies acceptable for filing the ITR Form-1 (Sahaj). Resident individuals earning assets from bacon or from one abode acreage or added sources up to Rs 50 lakh are declared to book the ITR-1 form.



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This time, however, ITR Form-1 (Sahaj) has been notified with assorted changes. Let’s accept a quick attending on the changes abbreviated below:

1. Now ITR-1 is applicative alone to Residents.



2. Capacity of assets from salary, i.e. complete breakup, are required.



3. Capacity of assets from abode acreage are to be mentioned

4. Fees u/s 234F shall be payable if the I-T acceptance is filed afterwards the due date.

How to book ITR Form-1?

There are two means for filing the ITR Form-1:

1. Offline:

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In case of offline filing of ITR Form-1, the acceptance shall be furnished in the cardboard form. Further, “while appointment your concrete cardboard return, the Assets Tax Department will affair you an acknowledgment,” says CA Abhishek Soni, Founder, tax2win.in.

But as per the assets tax law, alone afterward bodies accept the advantage to book the I-T acceptance in cardboard form:

# Super chief citizens, i.e. 80 years or above

# Individual/ HUF whose acceptance does not accept any affirmation for acquittance in the acceptance of assets and whose assets is up to Rs 5,00,000.

2. Online:

If you ambition to book your assets tax acceptance online, again you accept two choices. They are:

# Prepare and abide the acceptance online

# Upload xml by application offline utilities

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Let’s accept these two methods footfall by step:

a. Prepare and abide online (On the Assets Tax website):

Step 1 – Log in to incometaxindiaefiling.gov.in with your User ID, Password, Date of Birth and Captcha.

Step 2 – As anon as you log in, you will see an advantage – “Filing of Assets Tax Return.” Bang on it.

Step 3 – Select the ITR Anatomy Name, Appraisal Year and the acquiescence approach (Prepare and abide online).

Step 4 – Ample in the capacity and bang on the ‘Submit’ button.

Step 5 – Here, you go! “Your acceptance has been submitted auspiciously and ITR-V would be generated. Bang on the articulation and download it as it serves as an acknowledgement. ITR-V is additionally beatific to your registered email,” informs Soni.

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b. Upload xml by application offline utilities:

Step1: Visit the website – https://www.incometaxindiaefiling.gov.in/home. On the home page, you will acquisition an advantage on the appropriate duke ancillary called as ‘Offline utilities.” Just bang on it.

Step 2: Bang on the advantage – “Income Tax Acceptance Preparation Utilities” .

Step 3: Select the Appraisal Year for which you appetite to book ITR.

Step 4: Again Download the offline account through which you appetite to e-file your ITR (excel Account or Java Utility).

Step 5: Prepare the acceptance offline and upload the xml generated through these utilities to the advantage on “Filing of Assets Tax Return” on assets tax website.

And you are done with it! However, afterwards filing your assets tax return, don’t balloon to e-verify your acceptance aural 120 canicule of filing it to complete the action of acceptance filing.

Conclusion:

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Although the assets tax acceptance filing for FY 2017-18 has already started for bodies acceptable to ample ITR Form-1, but it is still recommended to delay for some time. Why? The acumen actuality the actual and complete TDS capacity would be adapted in the ages of June. So, “if you don’t accept any TDS deducted during the year, again you can book the return. However, if any being or organisation has deducted your TDS during the year, again because 26AS while filing the acceptance is mandatory,” says Soni.

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