As we cross into March, another financial year is drawing to a close. If you are a salaried individual you will have noticed the bustle around the office accounts department as they prepare to close their books. Your financial obligations to the government are due as long as you do not learn how to e-file your income tax returns for 2018.
Traders and businessmen, professionals and managers will be busy justifying the last of their budget allocations. Tracking the Finance Bill and consequent changes to the Income Tax Act is a tedious task. So, here we incorporated the basic procedure of filling and submitting an ITR form online.
How to E-file your Income Tax Return for 2018
- Go to the Income Tax login portal at https://incometaxindiaefilling.gov.in/
- Register yourself with your PAN and link your AADHAAR with your registered ID if this has not already been done.
- Login with your PAN (user ID), chosen password and Date of Birth.
- Now go to e-file and then click Income Tax Return.
- Select the Assessment Year. If you are filing the return for the year starting in April 2017 and ending in March, 2018, you must select AY 2018-19.
- Salaried individuals with no other source of income other than salary, fee and rent from one house property must select ITR 1 as the ITR form.
- Next select Prepare and Submit Online. Choose one of the options you would use to verify your IT return (with AADHAAR captured phone OTP, or bank account linked with PAN).
- Now you would be presented with the ITR 1 online format. Some of the fields will already be filled from your AADHAAR and PAN databases.
You will see the following tabs: Personal Information, Income Details, Tax Details, Taxes Paid and Verification, Deductions under Section 80G (donations made) and Assets and Liabilities for those with property.
Fill out this information as accurately as possible. Consult your Form 16 and employer if need be. At the end, don’t forget to go to MyAccount at the top and click on e-verify. This, in a nutshell, is how you complete your returns and meet tax compliance.
Note that computation errors and figures are entirely your responsibility. If you are unsure of a stage, it is recommended that you visit a tax preparation site and assess paid options. Your penalty for not filing the e-return is likely to exceed such a fee.