Harshita Kushwah

Harshita Kushwah

With the financial year ending season going on and last few days remaining until 31 March 2018, tax payers, assesses, tax professionals and consultants are getting busier day by day with the huge number of returns piling up on their office desk.

As per current tax laws, belated returns for A.Y. 2016-17 & A.Y. 2017-18 and revised returns without interest and penalty for late filing for A.Y. 2016-17 cannot be filed after 31st March, 2018.

Filing of income tax returns is recommended to everyone because of its various benefits such as you can get future loans processed easily, easy VISA processing, benefits while choosing life/health insurance, easy refund of tax deducted by employers/payers, you get to verify your salary with what company shows to the government and most importantly you fulfill your duties as a good citizen of the country.

Individuals below 60 years & HUFs having income more than Rs.2.5 lakhs , senior citizens above 60 years having income of Rs. 3 Lakhs or more and individuals aged 80 years or more having income of  Rs. 5 lakh or more are covered in taxable assessee category and are required to file their income tax returns annually.

Due date for filing of income tax return for assesses who are not required to get their books of accounts audited is 31 July. Non-filing or incorrect filing of return of Income may result in penalty and prosecution

Before we get started, you should have the following documents at hand to pace up the process:

1. PAN

2. Aadhaar

3. Bank account details

4. Form 16

5. Investments details

6. Last year’s tax returns

7. Bank statements

8. TDS (Tax Deducted at Source) certificates

9. Profit and Loss (P&L) Account Statement, Balance Sheet and Audit Reports, if applicable

Log on to e-filing portal at https://Incometaxindlaefiling.gov.in to file your Income Tax Returns. For login of a registered user, User ID is Permanent Account number (PAN) and password already set on registration and date of birth/incorporation is required to be entered along with captcha code.

If not already linked, Aadhar number should be linked with PAN by entering 12 digit Aadhar number and receiving OTP on the mobile number linked with Aadhar.

Different ITR forms are applicable for different types of assesses and such applicable return form should be selected carefully before filing:

ITR 1 (SAHAJ) Individuals with income from salary and interest
ITR 2 Individuals and Hindu Undivided Families (HUF) not having income from business or profession
ITR 3 Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR 4 Individuals and HUFs having income from a proprietary business or profession
ITR 4S (SUGAM) Individuals/HUF having income from presumptive business
ITR 5 Firms, AOPs,BOIs and LLP
ITR 6 Companies other than companies claiming exemption under section 11
ITR 7 Persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)

ITR1(SAHAJ) and ITR 4S can be filed online easily whereas other forms need to be downloaded and filled and uploaded later.

Fill in your personal details such as address, residential status, income under various heads, deductions claimed, TDS, TCS, advance tax, tax payment details etc. If amount of tax payable along with interest is due, details of challan or payment must be entered after tax has been paid.

For salaried employees Rent receipts for claiming HRA, Form 16, Pay slips are required.

For rental income from house property, Address of the house property, details of the co-owners including their share in the mentioned property and PAN details, certificate for home loan interest, date when the construction was completed, in case under construction property was purchased and name of the tenant and the rental income, in case the property is rented.

For Reporting of capital gains, stock trading statement from Demat account is required along with purchase details if there are capital gains from selling the shares. In case a house or property is sold, you must sought sale price, purchase price, details of registration and capital gain details. Details of mutual fund statement, sale and purchase of equity mutual funds, debt funds, ELSS and SIP.

The income from interest is reported under other sources. In case of interest accumulated in savings account, bank account statements are required. Interest income from tax saving bonds and corporate bonds must also be reported. The details of income earned from post office deposit must be reported.

The details of bank accounts need to be entered and if there is any tax refund available at the time of filing return, the same shall be credited to those bank accounts, so make sure its filled correctly.

You can claim extra deductions if you forgot to claim them while giving details to employer. Similarly, you can also claim deductions under section 80C, 80D, 80G etc. on investment in LIC, PPF etc, medical insurance for self or family or donations made to charitable institutions covered under the sections.

Deduction of up to Rs.10,000 is allowed on interest earned on savings accounts under section 80TTA. However, interest earned on bank deposits form part of your taxable income and is taxable as per applicable slab rates.

Check Form 26AS before filing as it shows the amount of tax deducted from your salary and deposited with the IT department by your employer. You should ensure that the tax deducted from your income as per your Form 16 matches with the amount in Form 26AS failing which you may get an intimation from the IT department.

For any amount above Rs. 2 lakhs deposited during demonetization period between 08/11/2016 and 31/12/2016, details need to be given.

If you have deposited large amounts of cash in your bank account or have entered into high value transactions, please consider the same while filing your Income Tax Returns.

Now the facility of EVC has been introduced to e verify return using mobile OTP or net banking details and ITR V can be generated online and there is no need to generate ITR V and send by post to CPC, Bangalore after e-verification.

Less than 1% of the Income Tax Returns are selected for further scrutiny/investigation by the department. So, enjoy hassle free and easy return filing process introduced by the department and become a law abiding citizen in numerous ways throughout your life.

For further details and guidance on ITR filing or free tax return preparation service you can mail on return.assistant@gmail.com

Author Bio

More Under Income Tax


  1. RK BHUWALKA says:

    Very well written article and meticulously explained. The author could have explained by way of screenshots for the beginners enabling them to understand and follow easily.


    RK Bhuwalka

  2. Tiru Narayan says:

    Excellent and easy-to-understand explanation of how to file tax-returns online.

    Since I live outside of India, I have noticed some of the tax rules/rate-slabs are different for NRI’s. I wish that kind of what I consider discrimination is eliminated.

  3. jnchristian2003 says:

    if under section 89 relief bifurcation is opted then the tax exempted is to be paid first and then refund to be claimed .. please clarify…

  4. NUSRAT NAIM says:


  5. MOHD RAIS KHAN says:


    1. harshitakushwah says:

      whether a Firm earns or any other person , if it is proved that the earning is of nature of agriculture income , it will be tax free u/s 10(1).
      The salary & interest received from firm is taxable in the hands of partner or exempted as agricultural income.

  6. ela says:

    I am govt. employee so for I used ITR-1 . From FY 2016-17 I am investing in shares and received the dividend. Last year I showed this dividend amount as “exempt income” in ITR-1. Now I sold some shares in which some are under STCG and LTCG.
    My question is which ITR form can I use while filing the return for AY 2018-19 (salary + capital gains in shares)?

    1. harshitakushwah says:

      Ela, You can file your return in form ITR 2 for A.Y. 2018-19 since your income is under the head salary and capital gains.

Leave a Comment

Your email address will not be published. Required fields are marked *