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

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

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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.

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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

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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

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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.

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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.

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