Computation of Taxable Income

Help


Filemyit E-Filing services in India, helps you to file your Income Tax Returns online.

Steps to fill the Income Tax Returns

ITR-1 APPLICABILITY
  • Individuals only having income below Rs. 50 Lakhs
  • Income from Salary/Pension
  • Income from only one House Property (excluding cases where loss is brought forward from previous years)
  • Income from Other Sources
WHO IS NOT ELIGIBLE TO FILE ITR 1 FORM:
  • If income more than Rs. 50 lakhs
  • Income from winnings from lottery or income from race horses
  • Income from more than one house property
  • Income from Business or Profession
  • Income under the head ‘Capital Gains
  • Agricultural income exceeding Rs 5,000
  • Loss under the head ‘Income from other sources
  • Life insurance adviser (Commission income)
  • Income taxable under section 115BBDA or Income of the nature referred to in section 115BBE
  • Income to be apportioned in accordance with provisions of Section 5A.
  • Person claiming relief under section 90 and/or 91
  • Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India
  • Any resident having income from any source outside India; or
Late Fee for filing the IT Return after the due date i.e., 31st August 2018

W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed under section 139(1) then as per section 234F, he will be required to pay late fee of:
  • Rs. 5,000 if return is furnished on or before 31 December of assessment year.
  • Rs.10,000 in any other case.
  • Total income of the person does not exceed Rs. 5 lakhs then Rs. 1000.
  • If Income is not taxable then NIL (Not required to pay penalty as per income tax provisions)

First register your name with your First name, Last name, Email ID and Password in the www.filemyit.com website.
Upon successful registration, you will get confirmation email in your registered Email ID.


If you want to efile your return, you have to registered yourself in the Income Tax website. If you have already efiled your Income Tax Return in the previous years, you need not have to register.
If you are going to efile for the first time, then you have to register your name in the Income Tax Website. Click Here


Download Form 26 AS from the IT Website. Click Here
Form 26 AS and TDS Certificates in Form 16 and Form 16 A should match. There should not be any mismatch between Form 26 AS and TDS Certificates. If there is any mismatch, then the mismatch shall be rectified. Or else, the Income Tax Department will send notice to the assessees for the mismatch.


Link your Aadhar in the Income Tax Department. The website link is given in the Useful Links section.
Now you can start filing the form.
After entering all the data, you can see the computation by going to the screen, Manage ITR. When there is no tax liability ie., no tax is payable by you, you can pay the fees. In case tax is payable, you have to pay the tax and enter the relevant challan details in the form. We will efile the IT Return through ERI or you can manually download and submit the form to the Income Tax Office. Income tax office addresses are given in the useful links section.


You can choose Efiling or Manual Return depending upon the eligibility.


E-filing:

We will Efile your IT Return through ERI for which you need not have to give your user name and password. Once E-filing is done, you will get an Email Confirmation from donotreply@incometaxindiafiling.gov.in. Normally you will get IT Acknowledgement in your registered email id within 24 hours. If acknowledgement not received within 24 hours, please send email to us.

You can send the IT acknowledgment to CPC Bangalore through ordinary post or speed post within 120 days.

Go to Income tax Site, do E-Verification, thru Net Banking or Aadhar OTP, a very simple Process. This is MUST to be complied within 120 days of filing. Or you can send the IT acknowledgment to CPC, Bangalore Post Bag No.1, Electronic City Post Office, Bengaluru, Karnataka 560100 through ordinary post or speed post within 120 days. Else, your IT Return filing will become INVALID. Assessment will start only after E-Verification.


Manual Filing:

Once you prepare the IT Return and pay the fees, you can download the ITR 1 SAHAJ Form along with Acknowledgement and submit the same to the Income Tax Office in the address Income Tax Office address
You can get the acknowledgement from the IT Office.

  • Applicable for
  • Total Income upto Rs. 5,00,000/- can file manual return.
  • Income limit of Rs. 5,00,000/- is considered after the relevant deductions
  • There is no Income Tax Refund

Documents required for preparing IT Computation and Form 12BB:

  • PAN Card
  • TDS Certificates from your employer (downloaded from the IT Department) in Form 16 (with Part A and Part B)
  • Other Income details like Bank Interest and TDS Deducted, if any. In such TDS cases, Form 16A
  • Housing loan interest in case of minus income from Self Occupied property or Rental income from Let out property.
  • Previous Assessment year Return Copy, if available
  • Details of Bank Name, Account No, IFSC Code, etc

Once you have registered your name, you can create any number of assessees in our website.

  • First click Efiling in the top of the screen.
  • Click Add IRT for filing the IT Return for the Assessment year 2018-19 (Financial Year 2017-2018)
  • File ITR 2018 contains, five sheets.
    • Personal Information: In the personal information section, you have to fill the personal information. If you are having any doubts in the First Name, Last Name, Middle Name and Income Tax ward/ circle, you can check the same from Know your PAN section and Know your Jurisdiction Officer links of the IT Department which is given under the Useful Links.
    • Gross Total Income and Deduction: B1 to C 19 have to be filled from the Part B of your Form 16. In case, if you want to show any additional income, then you have to fill B3. G such a case, our website calculates extra Income tax payable and you can either pay the Income tax online or offline with the use of the challan.
    • Tax Deducted:
      • SCH TDS1. In this section, you have to fill the Form 16 details as per Part A.
      • SCH TDS 2, you have to fill the Form 16A details.
      • SCH TDS3. Details of Tax Deducted at Source [As per 26QC furnised by the Deductor(s)].
      • SCH IT, you have to fill the Advance Tax and Self-Assessment Tax details
    • Tax Collected
      • Details of Tax Collected at Source[As per Form 27D issued by the Collector(S)].
    • Donations Entitled:
    • Donations paid to certain trusts, funds, organisations are eligible for deduction under section 80 G. To claim deduction under section 80 G, you can fill the details in the relevant section.

After entering all the data, you can see the computation statement by going to the screen, Tax Computation Tab. You can download the computation to your computer.


We will Efile your IT Return through ERI for which you need not have to give your user name and password.Once E-filing is done, you will get an Email Confirmation from DONOTREPLY@INCOMETAXINDIAEFILING.GOV.IN.


Go to Income tax Site, do E-Verification, thru Net Banking or Aadhar OTP, a very simple Process. This is MUST to be complied within 120 days of filing. Or you can send the IT acknowledgment to CPC, Bangalore Post Bag No.1, Electronic City Post Office, Bengaluru, Karnataka 560100 through ordinary post or speed post within 120 days. Else, your filing will become INVALID. Assessment will start only after E-Verification.