2 min read.Updated: 16 Jul 2018, 04:11 PM ISTLivemint
Income tax return filing: From assessment year 2018-19, ITR 1 form requires detailed calculation of income from salary or house property
e-File your ITR or income tax return for FY 2017-18 (assessment year 2018-19) before due date of 31 July. The income tax department has been sending this message to taxpayers reminding them of the deadline for filing ITR. For filing income tax return or ITR for FY 2017-18 (assessment year 2018-19), the Income Tax Department has notified seven forms. The ITR 1, called ‘Sahaj’, is largely used by the salaried class of taxpayers with income up to ₹ 50 lakh. ITR 1 form was used by 3 crore taxpayers during the last financial year. Choosing the correct ITR form, which depends on the nature of income and the status of the taxpayers, is the start of the ITR filing process.