Income Tax efiling Guides for AY 2018-2019 (FY 2017-2018)

I have updated the two guest posts written by CK Aparna that explain how to e-file income tax returns using ITR1, ITR2, ITR3, ITR5 for AY 2018-2019. Do consider sharing it with assessees who are filing tax return for the first time or filing tax returns with capital gains for the first time.

First Know which ITR you are supposed to file.

ITR Description
ITR 1 For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh Salaried with no capital gains use this
ITR 2 For Individuals and HUFs not having income from profits and gains of business or profession If are salaried with capital gains, this is the one for you
ITR 3 For individuals and HUFs having income from profits and gains of business or profession
ITR 4 For presumptive income from Business & Profession
ITR 5 For persons other than:-  (i) Individual, (ii) HUF, (iii) Company and (iv) Person filing Form ITR-7
ITR 6 For Companies other than companies claiming exemption under section 11
ITR 7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or

For full details and explanation refer to Which ITR Form Should I use for A.Y. 2018-19? (this was published yesterday)

a)If you have an income from just salary, house property and bank deposits (Savings, FD, RD, Flexi RD), it is ITR1 (total income up to 50 L)

b)If you have income specified in a) and income from selling Real Estate, Stocks, Mutual fund units, derivatives, gold etc, or you have withdrawn EPF/PPF, it is ITR2 (individual or HUF with no business income)

If in addition to the above, you (or HUF) have income from a business or proprietorship,  ITR3

e) For people having presumptive business  it is ITR4 (no capital gains allowed)For all others, it is ITR5 (other than an individual)

Guest post 1: This explains how to e-file using the online ITR1 form: Guide to e-file Income Tax Return For AY 2017-18

Guest post 2: This explains how to file short-term and long-term capital gains, carry forward and set off losses.  Guide to e-file Income Tax Return: ITR2, ITR3 and ITR5 

Do let me know if anything more needs to be added.

 

 

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3 thoughts on “Income Tax efiling Guides for AY 2018-2019 (FY 2017-2018)

  1. Sir. My experience.These days the manner in which new mutual duns are being floated and with the present changes it is quite difficult. Can we have a tool to know which fund suffers STT for our tax calculation purposes? Some AMC report STT in the SOA some do not. Seniors get into investing and they have no clue about all this.

  2. Dear Mr.Pattu,

    Good day, Vaazhga valamudan,

    Thanks a lot for putting up this post in the right moment, i am a continuous follower of your blog and financial gyan that you share..

    Is there any way we can get complete transaction statement across all the mutual fund (PAN based) excel sheet for the financial year. Most of them gives pdf version only, there are some online convertors, but am not sure the data will be safe. kindly advice.

    Warm regards,

    Sai.

  3. I have read tons of article of income tax filing but none covered then income tax payment part through challan. That part must be covered along with filing steps. I was assuming till now that filing returns automatically dedcuts the income tax liability until I got notice from department.

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