ITR1 Form salaried return, e filing tax courses, ITR 1 Form, ITR 1 (SAHAJ)
how do I file my ITR, filing Income Tax ReturnsITR 1 Form (also known as Sahaj) is one of the most popular form for filing Income Tax Returns because it applies to most of the Salaried Employees. ... Moreover, if in case the Income of some other person like spouse, minor child etc is being clubbed with the Income of the taxpayer, this form can be used only if the income You are the back bone of the our nation You leave everything for providing us with nothing left behind, read on to find a solution regarding your compliance requirement from Income Tax perspective. Source of Income. Serving Defence personnel receive salary income which shall be taxable under the head Income from salaries
Income Tax Return Utility Downloads
ITR 1 (SAHAJ),For Individuals having Income from Salary and Interest. excel icon• Java icon. ITR 2, For Individuals ... ITR 2A, For Individuals and HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets, excel icon
• Java icon. Pay Tax Online.
Step-1. To pay taxes online, login to http://www.tin-nsdl.com > Services > e-payment : Pay Taxes Online or click here on the tab "e-pay taxes" provided on the said website. Provide proper link of e-payment.
Step-2. Select the relevant challan i.e. ITNS 280, ITNS 281, ITNS 282, ITNS 283, ITNS 284 or Form ...
Income from Salary, Salaried Employees, e-filing your income tax return
Persons with salary income below Rs.5 lakhs NEED to file their returns too. ... Senior citizens (person aged over 60 years) with income above Rs.2.5 lakhs have to statutorily file their tax returns. Note:Electronic filing (e-filing) is mandatory for all individuals whose taxable income is above Rs.5 lakhs. Income Tax Academy step-by-step guide on how you can e-File your Income Tax Returns even if you have not received a Form-16 from your employer. ... your Tax Returns without a Form-16. The first step to filing tax returns as a salaried individual is to obtain your Form 16 from your employer. Take a look here to know what is Form 16Easy steps for e-filing IT returns online & How to file ITR in India. Checklist for filing your income tax returns.
✓ ITR Filing
✓ IT Returns, ITR 1 Form (also known as Sahaj) is one of the most popular form for filing Income Tax Returns because it applies to most of the Salaried Employees. However, it does not apply to all categories of Salaried Employees as some of the Salaried Employees are required to submit their returns in ITR Form 2. Recommended . e filing tax courses ITR 1
E-file IT Returns Online. Check your tax credit - Form 26AS vs. Form 16.
You should check Form 26AS before filing your returns. It shows the amount of tax deducted from your salary and deposited with the IT department by your employer. You should ensure that the tax deducted from your income as per your Form 16 ..The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other .... Income from Salary. Income From House Property Show Details. a. Interest Paid/Payable on Housing Loan for Current Financial Year. Interest Paid/Payable on .
e-filing your income tax return
e-file your income tax return. Register yourself
To e-file your income tax return, you will have you register on the Income Tax Department’s online tax filing site (incometaxindiaefiling.gov.in). You have to provide your permanent account number (PAN), name and date of birth and choose a password. Your PAN will be your user ID.e-filing your income tax return. Choose how you want to e-file
There are two ways of e-filing your income tax return. One is to go to the download section and select the requisite form, save it on your desktop and fill all the details offline and then upload it back on the site. Or you can choose to fill the form online by selecting the quick e-file option.ITR-1. Select the requisite form
ITR-1: For individuals earning a salary, pension, or income from property or sources other than lottery.Keep your PAN, Form 16, interest statements, TDS certificates, details of investments, insurance and home loans handy. Download Form 26AS, which summarises tax paid against your PAN. You can then validate your tax return with Form 26AS to check your tax liability.
Who is Eligible to File ITR 1 for AY 2018-19?
ITR -1 Form is a simplified one page form for individuals having income upto Rs 50 lakhs from the following sources :• Income from Salary/Pension
• Income from One House Property (excluding cases where loss is brought forward from previous years)
• Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
In case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income too is limited to the above specifications.
Who Cannot File ITR 1 for AY 2018-19?
Individuals having income above Rs 50 lakhs cannot use this form. Also individuals who have earned Income through the following means are not eligible to file form ITR 1 :• more than one House Property
• Lottery, Racehorses, Legal Gambling etc.
• taxable capital gains (Short term and Long term)
• agricultural income exceeding Rs. 5,000
• Business and Profession
• Individual who is a Resident and has
o assets (including financial interest in any entity) outside India or
o signing authority in any account located outside India.
• Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.
What is the structure of ITR 1 Form ?
• Part A – General Information• Part B – Gross total Income
• Part C – Deductions and taxable total income
• Part D – Computation of Tax Payable
• Part E – Other Information
• Schedule IT – Detail of Advance tax and Self Assessment Tax payments
• Schedule TDS – Detail of TDS/TCS
How do I file my ITR-1 Form?
You can submit your ITR-1 Form either online or offline.e file your income tax return Offline:
Only following persons have the option to file the return in paper form1. An individual at the age of 80 years or more at any time during the previous year.
2. An individual and HUF whose income does not exceed five lakhs rupees and who has not claimed any refund in the return of income.
For offline ,the return is furnished in a physical paper form. The Income Tax Department will issue you an acknowledgment at the time of submission of your physical paper return.
e file your tax return Online, Electronically:
• By transmitting the data electronically and then submitting the verification of the return in the form of ITR-V to CPC, Bengaluru.• By filing the return online and e-verifying the ITR-V through net banking/adhaar OTP/EVC. https://cleartax.in/Guide/how-to-e-verify-your-income-tax-return-using-evc
If you submit your ITR-1 Form electronically, the acknowledgment will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing. Alternatively, you can e-verify your return.
1. Quoting of Aadhar Number is mandatory
Every person is mandatory required to quote Aadhaar number in the return of income. If any person does not possess the Aadhaar Number but he had applied for the Aadhaar card then he can quote Enrolment ID of Aadhaar application Form in the ITR.
2. Disclosure of cash deposits during demonetization A new column has been introduced in all ITR Forms to report on cash deposited by taxpayers in their bank accounts during the demonetization period, i.e., from November 9, 2016 to December 30, 2016. However, taxpayer are required to fill up this column only if they have deposited Rs 2 lakh or more during the demonetization period
3. Disclosure of all Bank Accounts
The details of all the savings and current accounts held at any time during the previous year must be provided. However, it is not mandatory to provide details of dormant accounts which are not operational for more than 3 years. The account number should be as per Core Banking Solution (CBS) system of the bank.
4. Simplified one page ITR Form for Salaried class taxpayers (ITR 1 Sahaj)
Now the Govt. has notified simplified one page form ‘ITR-1 Sahaj’ for individuals having income up to Rs 50 lakhs from salary, pension, one house property and income from other sources. It has removed columns which are not frequently used by the taxpayers such as :
• New ‘ITR-1 Sahaj’ has retained those deductions which are most frequently used by the taxpayers such as under Section 80C, 80D, 80G and 80TTA.If any taxpayer wants to claim deduction under any other provision of chapter VI-A he can specify the relevant Section in column titled as ‘Any other’.
• Schedules of TDS and TCS have been merged into one in order to make ITR 1 shorter and simpler.
• New columns have been inserted to report dividend income and long-term capital gains exempt under Section 10(34) and Section 10(38) respectively. It is mandatory to e file tax returns for those with long term capital of Rs 2.5 lakhs or more ,even though their taxable income may be below 2.5lakhs.
file ITR-1 FAQs
• I earn income over Rs 50 lakhs. Which ITR form should I file this year ?If you have income above Rs 50 lakhs , you can file ITR 2 ,ITR 3 or ITR 4(Sugam) depending upon your source of income. If you are salaried individual having income above Rs 50 lakhs, you should file ITR 2.And if you are having income from business or profession, then you should file ITR 3 and in case you are following presumptive income u/s 44AD /44AE then you should file ITR 4(sugam).
• Do I need to report exempt LTCG in ITR-1?
Yes.you need to report exempt LTCG in ITR 1.Also it is mandatory to e file tax returns for those whose LTCG exceeds Rs 2.5 lakhs even if your income is below taxable limit.
• Can I file ITR-1 with exempt agricultural income?
Yes .you can if the agricultural income does not exceed Rs 5000.And If the agricultural income is more than Rs 5000, then you should file ITR 2.
• How to report bank accounts in ITR-1?
The details of all the savings and current accounts held at any time during the previous year must be provided. However, it is not mandatory to provide details of dormant accounts which are not operational for more than 3 years. The account number should be as per Core Banking Solution (CBS) system of the bank. It is to be provided in the Part E – other information of the ITR form.
• Do I need to include dividend income from Mutual Funds?
Yes. Dividend income from mutual funds is exempt under sec 10(35).It is to shown in Part E – other information under the head Exempt Income(others)