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    7. Things You Need to Prepare Before Filing ITR 1 for FY 2017-18

    Things You Need to Prepare Before Filing ITR 1 for FY 2017-18

    Updated on: 21 May, 2024 04:03 PM

    31st July is already being in talks. Specially for the newly levied penalties under section 234F, which can cut down your pocket up to additional ?10,000/-.

    Before you start filing ITR for FY 2017-18, let’s get handy with the documents and details needed in the process. For a hassle free ITR filing, first requirement is the correct selection of ITR form.

    Selection of ITR Form mainly depends upon

    • Your Residential Status
    • Income Sources
    • And Quantum of Earnings

    ITR 1 or Sahaj Form being the simplest is apt to be furnished by a salaried individual being resident and earning income up to ?50 lakhs. The income may also arise from one house property and other sources such as interest on FD or saving bank account etc.

    Contents

    Things to be kept handy

    There are series of documents suggested to be kept handy for fast & easy Income Tax Return filing. These documents can mainly be categorized as

    • Your Basic details
    • Income proofs
    • Details of investments made
    • Taxes paid and payable
    • Bank Details

    Your Basic Details

    These documents are very important as furnishing correct details will only entitle you to proceed with tax filing & processing of refunds. Basic documents include

    • PAN details,
    • Aadhar Number,
    • Address,
    • Mail ID and
    • Other contact details.

    Income Proofs

    It is crucial to identify all your sources of income including the miscellaneous ones like FD etc Non disclosure or under disclosure of income can result in penalties, interest and litigations. So, take a glimpse of these key income proofs to gather before you start filing ITR 1 for FY 2017-18

    • Form 16 or salary certificates to know your income from salaries
    • Form 26 AS to know income from other sources
    • Bank account details or rent receipts for rental income

    Details of investments made

    Eligible investments and expenditures can benefit you with reduction in overall tax liability. For ITR 1 such deductions shall fall in nature of those specified under section 80C to 80U. A summary list of such popular deductions is as follows

    • Contributions made to PPF
    • LIC premiums paid
    • Tax saving mutual funds purchased

    Taxes paid and payable

    Income tax department trusts you to calculate correct tax liability & this is called self-assessment tax. This becomes your gross tax payable to the government.

    From this, you can further claim tax credit of any advance tax & TDS paid. Form 16, Form 16A, Form 26AS etc helps you to determine the amount of taxes already paid by you.

    This net amount of tax liability is your tax payable to the government.

    Bank Details

    While filing ITR 1 Sahaj Form, your bank details are asked. This is to ensure smooth payment of any refund amount (if you become eligible for it). Please keep the following details in handy

    • IFSC of your bank
    • Name of bank
    • Your correct Bank Account Number

    Filing income tax return is very simple & easy given proper knowledge of important details is known.

    And we at Tax2Win aim to provide you with regular tips & updates to make ITR filing process more approachable.

    Now, you can also file ITR with us for FREE! Visit our website & file today. Happy Filing ????

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    CA Abhishek Soni
    CA Abhishek Soni

    Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.

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