Ready reckoner on filing ITR1

THE ECONOMIC TIMES Sat, Jun 30, 2018 | 11:56 AM IST Income tax return filing for salaried

10 documents you need to file your income tax return CAs advise that you must collect all the documents related to income earned during the FY to ensure that there are no mistakes made while filing ITR. Which ITR form applies to you for financial year 2017-18? The new forms incorporate the changes brought about in the Finance Act, 2017. This year forms have been notified well in advance, providing sufficient time for the taxpayers to collate information and keep it ready. How to prepare to file ITR 1 Before you start filing ITR, you need to know all the income sources in FY 2017-18 and choose the correct ITR form to file your return. How to file ITR1 online for FY 2017-18 This is the first in a series of articles that will tell you all you need to know how to file your ITR1 for FY2017-18 completely online. How to fill salary details in ITR1  Not all of the amount received as salary is fully taxable. A part of it will be fully exempt from tax and a part of it will be partially exempt. How to calculate income from house property for ITR1 The calculation of income from house property and all tax-related deductions that you are eligible to claim depends on whether the house is self-occupied or let-out. How to fill 'Income from other sources' in ITR1 Income from other sources includes all the residual income that cannot be placed in other heads of income. This story will tell you how to do that. How to claim deductions under section 80C to 80U while filing ITR1 To reduce your gross total income and thereby your tax liability, you have to enter details of deductions that you want to claim under sections 80C to 80U of the Act. How to fill 'Tax Details' section in ITR1 The 'Tax Details' tab shows all the details of the tax deducted, collected, and deposited with the government against your PAN. How to fill tax exempt income and bank details section in ITR1 Under 'Taxes Paid & Verification' tab of ITR1, you are required to enter details of tax-exempt income, details of your bank account and fill the verification sub-section.

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