Business Income Tax Returns: All that you need to know about your tax filing Updated : July 18, 2018 01:02 PM IST Once the tax payer is registered on the e-filing website of income-tax, after logging in on the said portal, Form ITR 1 can be e-filed in any of the following two ways. Utmost care needs to be taken while filing return of income as the Act provides for levy of penalty in case of under-reporting and misreporting of income. Penalty shall be 50 percent of tax payable of under reported income in case assessed income exceeds the returned income. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.