Income Tax Return filing is the job of filling up the information about an assessee’s income and tax payments to the Income Tax Department. Indian citizens who fall under the taxpayer category have to file the Income Tax Return form every financial year. To get all the benefits out of Income Tax Return, everyone needs to submit their forms before a certain date. There are several Income Tax Return forms available for different categories, and to get your filing assessed, you must file ITR with the right kind of form only, failing which your ITR will get rejected. If you hire a professional for this intimidating task, they will do the job for you in exchange for a fee. But if you want to file your own ITR, rest assured, it’s not a complex job once you know all the details. E-filing of Income Tax Return has made the job even simpler. So if you are ready to file ITR by yourself for AY 2018-19, here are the things to know.
Income Tax is a very important revenue generating element to the economy of a nation. India has a progressive tax paying system, meaning those who earn more, pays taxes at a higher rate, and vice versa. Paying Income Tax fairly is our duty as Indian Citizens. By paying Income Tax, we are contributing to the growth of our country. Filing Income Tax Return helps in documenting our income and tax payments,and it works as a proof of our tax payments. You can also get a refund if you file ITR correctly and it is seen that you have paid more tax than you are liable to. Delay in filing Income Tax Return can cause penalties and not filing ITR at all will attract legal charges.
Below is a chart of Income Tax Slabs applicable for the AY 2018-19
Persons and Hindu Undivided Families (HUF) below the age of 60 years
| Income Slab (p.a.) | Payable Tax % |
| Up to 2.5 lakh | Nil |
| 2.5- 5 lakh | 5 |
| 5- 10 lakh | 20 |
| More than 10 lakh | 30 |
Senior Citizens (above 60 years)
| Income Slab (p.a.) | Payable Tax % |
| Up to 2.5 lakh | Nil |
| 2.5- 5 lakh | Nil |
| 5- 10 lakh | 20 |
| More than 10 lakh | 30 |
Before proceeding, let’s take a look into all the different ITR forms and their usage. Below is a chart describing all categories of Income Tax Returns that can be filed. Taking this into account, you can easily select the form that is suitable for yourself.
So, now you can easily find out which one of the ITR forms is suitable for you.
You can file ITR both online and offline. Below we have discussed both the procedures in details.
File ITR online
You can visit the official website of Income Tax Department of India and easily file your Income Tax Returns. For filing ITR, the documents you will need (wherever applicable) are:
- Form 16/ 16A/ 16B/ 16C
- Aadhar Card
- Form 26AS
- Salary Slips
- Home Loan Statement
- Capital Gains Statement
- Tax-saving investment proofs
- Documents related to deductions under Section 80D to 80U
- Investment details from Banks and Post Offices
Note: The details required in ITR-1 form hasbeen updated since AY 2017-18. You should be careful while filling in the new details that are required in ITR- 1 now.
- You can register in the official Income Tax Department website for ITR filing by using your PAN number as the User ID. You will need the Tax Credit Statement next, for listing the actual tax deductions by the Income Tax Department. Next, you will need to fill in the TDS details. After that is done, you will get to the download page from where you can download the appropriate form that is suitable for you for AY 2018-19. You can also follow the Quick e-file ITR link and complete the remaining steps.
Note: When the online process is completed, a 15-digit number will be generated. This number is very important,and you should save it immediately. Then you can verify the Income Tax Returns using Netbanking.
Advantages of filing ITR online:
Filing ITR from the comfort of your home is a very convenient option. If you forget some documents, you can just get them out easily and continue the process. For advanced ITR filers too it can be extra beneficial. If you file ITR in advance, you can avoid the rush and website traffic that slows the process down when the due date is near. Online filing also keeps all your previous financial records stored safely with the Income Tax Department, so it becomes very easy to maintain your financial records and get them out as per needs arise in future.
