Complete Guide To Online Income Tax Return Filing For Fy 2017-18

This year deadline for income tax return filing for FY 2017-18 or AY 2018-19. The last day for filing ITR is July 31, 2018, and you should not miss the chance at any cost. Filing returns on time is proof of financial prudence.

If you are filing ITR for AY 2018-19 for the first time then its better to go with the quick guidelines, here is a quick guide on what you need to know as a salaried employee.

The Amendments

Many employees believe that they are the most burdened lot, which is clearly a mental trap. The amendments have been introduced to make the online income tax return filing more transparent for assesse.

Some of the notable changes introduced under the Finance Act, 2018, include reintroduction of standard deduction, elimination of allowances (medical and HRA), long-term capital gains (LTCG) tax on equity, and increased income tax cess.

The simplified e-version of the efiling income tax form is not only faster to file but also helps the tax department to keep a strict vigil on those who under report or over report their incomes and expenditures to evade the tax net.

Here's A Handy List Of Documents Required For Efling Income Tax:

1) Permanent Account Number or PAN card

2) Adhaar card

3) All bank statements with bank account details

4) Form 16 issued by your employer or any other TDS information

5) Copy of your last year's ITR

6) Proof of investments for deductions under Section 80 C:

Section 80 C allows the taxpayer to save up to Rs 1.5 lakh in the financial year. It is certainly one of the major parts of tax planning and saving income tax.

You can claim following investments under section 80 C:

1) Premium paid for Life insurance

2) ELSS or Mutual Fund investments

3) Contributions towards Provident Fund

4) Premiums paid for retirement

5) Tuition fees for children

6) Principal for home loan

7) National Savings Certificate bonds

8) Bank FD or similar deposits

9) Amount paid to National Pension System or other similar account

Other Investments

1) Excess house rent paid over the HRA. (Only when the assesse doesn't own a house)

2) Deduction for higher education loans

3) Medical insurance premiums for self, family, or parents

4) Saving account Interest up to Rs 10,000

5) Interest paid on home loan

6) Donation to Prime Minister's Relief Fund

7) Income from patents and royalties

This is an indicative list of documents that will help you claim deductions and save tax. You would need to get the original copies scanned to file the IT return online.