Filing I-T Returns Yourself (ITR - 1 Sahaj)

Like the most salaried people in India, if you have not sold any shares or mutual funds in the last one year; you only have to fill the simple ITR-1 Sahaj. Let us see how to prepare for and fill ITR-1 Sahaj. This is a simple one-hour procedure, and only needs basic comfort with MS Excel.

Documents you need for filing tax returns

  1. Your employer should have sent you Form 16 by now. If not, ask them for it - in soft or hard copy
  2. If you are repaying a home loan, your Bank will give you a statement of interest paid
  3. Pay a visit to your bank(s) and get latest statements or passbook updated for your savings account(s). The year 2011-12 is under consideration (April to March). If you have any Fixed Deposits, ask the Bank for a 'TDS certificate'
  4. Download the Excel Utility from http://incometaxindiaefiling.gov.in. It is a simple sheet that contains self-explanatory comments at all places. There is also a PDF option, which is equally easy.

That's it, your preparation is done.

Filling the Excel Sheet

1. In the Excel Utility, just copy items from Form 16 in appropriate cells. Consider the following items, and see which are applicable to you. Further, see which ones you had already disclosed to your employer and submitted proofs earlier in the year:

a. 80C investments (ELSS, ULIPs, PPF, etc)

b. Medical insurance made in the year

c. Home loan repayment

d. Rental income

2. If all the above that apply to you have been declared to your employer, then you are nearly done. If not, you only need to add those items that you have not told your employer about, in the appropriate places of the Excel sheet. For instance, if you have declared your investments but not your home loan, you need to fill those columns in ITR-1 Sahaj yourself.

3. If you are repaying home loan, the interest you pay is in fact negative income which can be deducted from rent received to arrive at income from house property in cell AM42 of ITR -1 Sahaj. There is no cap on the interest amount deductible if the property is let out on lease. For self occupied property it is Rs 1,50,000 per annum. For property that is rented, income computes as annual rental income less annual interest paid on home loan, municipal taxes and 30% of income for maintenance and repairs.

4. From your bank account statement or passbook, just total up the 'interest credit' amounts and enter in cell AM43 of sheet 'Income Details'

5. Finally, if you had a fixed deposit, enter the details from the TDS certificate, in cell C11 of sheet 'TDS'. In this case, make sure you add this interest earned in the total entered in cell AM43 above

6. You are done with the maths. Complete your personal details and bank account details in appropriate places and click 'Validate' on all sheets.

7. Click 'Generate' to create the xml version ready for upload.

Submitting xml file for tax return

1. Login at http://incometaxindiaefiling.gov.in. If you haven't created a login yet, now is a good time to do so. You need it irrespective of whether you file yourself or through a software or whether a CA files if for you

2. Follow the directions and upload the xml at the appropriate place

3. You will get Form ITR-V on screen and as an email

4. You need to print this out, sign it and send it to by ordinary post to

Income Tax Department- CPC,

Post Bag No.1,

Electronic City Post Office, 

Bengaluru- 560100


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