Hence, it is important to collect the necessary documents in advance before you sit to file returns. We tell you things to keep in mind while filing the ITR returns.
Who can file income tax through ITR-1 form Sahaj?
Any ordinary resident individual (not HUF) having an income of up to Rs 50 lakh can file ITR-1 form. Those individuals with income from following sources can use ITR Form-1 are below:
1) Income from salary or pension
2) Income from one house property
3) Income other sources such as interest from bank account (excluding winning from lottery and income from race horses, income taxable under section 115BBDA or Income of the nature referred to in section 115BBE)
4) Agricultural income upto ₹5,000
Also, it is important to note that in cases where the income of individual such as spouse, minor child, etc. is to be clubbed with the income of the assessee, this return Form can be used only if the income being clubbed falls into the above income categories.
What are documents you need to possess?
General details: PAN number, Aadhaar number or enrollment ID in case you don't remember your Aadhaar number
Salary/Pension: Form 16 from your employer, or multiple employers if you changed your job during the year
Income from house property: Rent receipts, housing loan for deduction of interest
Income from other sources: For this you need to have the bank statement or passbook for computation of interest earned on bank accounts, fixed deposits, time deposits, post office savings passbook, winnings from lottery details, details of clubbed income
What are various documents required to claim deductions?
In order to claim deduction under various sections, you will need the following documents or numbers ready before filing your income tax return:
- contribution towards provident fund, NPS
- child's school tuition fee paid during the financial year
- principal repayment on your home loan
- equity linked savings scheme or mutual fund investment
- receipts with details of donation eligible for 80G
- life insurance premium payment
- health insurance premium payment
- stamp duty and registration charges
Fill up Schedule DI : From this year, a new Schedule DI has been inserted for claiming deduction under Part B of Section VIA on any investment, deposits or payments made during the extended period between April 1, 2020 and July 31, 2020.
Form 26AS: It’s better to check the tax payment details available in your form 26AS. Form 26AS is a summary of taxes deducted on your behalf and taxes paid by you. This is provided by the Income Tax Department. With the help of PAN details, you can easily access it from the income-tax website.
TDS Details: Verify the TAN details and the amount of credit available in your Form 16 ( for salary), Form 16A ( Non salary) and Form 16 C (Rent)
Other details: Details of agriculture income, dividend income, details of all active bank accounts held in India. It’s advised to select minimum one bank account for refund credit.
How to file ITR online?
- The first step is to click on the Income Tax Department’s web portal - incometaxindiaefiling.gov.in
- Then you ought to register if you haven't registered yet
- You can register for filing ITRs using your permanent account number. The PAN will serve as the user ID
- After you have logged in, select the filing of ITR option
- To select the assessment year, you will be re-directed to a new page. Now, select the AY from the dropdown menu, then with ITR form number 1, and filing type – original or revised return
- Following this in the submission mode, you have to click on 'prepare and submit online’
Once finished with the above process, you will have to select a bank account. This is the bank account where you will receive the tax refund.
Also, note that the deadline for filing ITR for AY 2020-21 (FY 2019-20) is 30 November.