Income Tax e-filing
Income Tax is a form of Direct tax which is levied by the Government of India on its citizens. According to Income Tax Act 1961, every citizen should file an Income Tax return at the end of every financial year. Due to different groups of people and the different means of a source of Income which one earns, the Income Tax Department of India has taken care of all categories of people. Covering all the aspects, there are 7 types of ITR forms (that are, ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, & ITR 7). We will discuss the ITR-1 filing in detail, which is commonly known as Sahaj Form.
Eligibility criteria for ITR-1 Filing
Individuals whose income is up to Rs 50 Lakhs are considered to be in the ITR-1 Filing category. This limit also includes individuals having clubbed income (spouse or a minor)
The sources of income that one can have in this category are:
- Salary/ Pension
- Income from House property (excluding the losses)
- Income from other sources
Individuals who are not eligible for ITR-1 Filing are-
- Individual Income exceeds Rs. 50 Lakhs
- Non-Residents and Residents Not Ordinarily Resident
- Individuals who have two or more house properties as well as ones who have long or short capital gains
- Income from agriculture is more than Rs.5000
- Individuals who claim relief from foreign taxes or claim double taxation relief as in Section 90/90A/91.
- Individuals who have assets outside India or signing authority in any account located outside India (including the financial assets)
- When TDS is deducted u/s 194N
- And if income tax is deferred on ESOP
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How to Register for ITR-1 Filing
Before filing ITR Forms one has to get oneself registered in the portal. For the registration process few important documents are required are:
- Valid PAN card
- Valid Individual’s Mobile Number
- Valid Current Address
- Valid Email Addresses of the individual
Registration Steps are-
- Visit the website (https://www.incometax.gov.in)
- At the top right side, click on the Register Button.
- Select the user type as “Individual” and click on “Continue”
- Provide all the details which are asked and successfully proceed with the step.
- For verification, OTP will be sent on your mobile as well as on your registered email address.
- Enter the OTP and complete the registration process
For HUF or any other organization, one has to provide details & documents of his/her firm.
How to do ITR-1 Filing Online
One can fill ITR- 1 both online and offline. All the taxpayers who have a salary of more than Rs. 5 Lakhs must furnish their ITR via either medium.
The steps involved in e-filing the ITR form are explained below:
- Go to the income tax (https://www.incometax.gov.in)
- Login with the credentials
- Click on e-File -> Income Tax Return
- Select on desirable ITR form
- Fill in all the required asked details and click on continue
- Fill in the other information like Investing, Health, and Insurance
- A verification page will appear. Check all the documents
- If verified then click on preview else correct the mistake.
- Finally, click on Submit button
One has to visit the website (https://www.incometax.gov.in), under the download section click on the utility option. Extract the zip file, fill all the mandatory fields and calculate the Tax. Generate an XML file and save it.
Log in again by filling in all the credentials. Click on “Continue” and next attach the previously generated XML file. Carry out all the verification processes and finally Submit.
This means of ITR-1 Filing is especially for super seniors who are 80 years and above.
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Income Tax Return (ITR) 1 Form
ITR 1 is split into 7 sections:
Part A – General Information
This tab includes details of the following general fields:
- PAN number
- Mobile no.
- Email address
- Aadhar number
- Nature of employment – Govt/PSU/Pensioners/Others
Part B – Gross total income
- Details of Employer like TAN, Name, Nature& Address of Employer
- Salary details
- All the allowances which are exempted
- All the value of perquisites
- Net salary
- Deduction in u/s 16
- Income chargeable under the head ‘salaries’
- Gross Rent received
- Tax paid to local authorities
- Annual value
- 30% of the annual value
- Interest payable on borrowed capital
- Arrears/unrealized rent less than 30%
- Income chargeable under head ‘house property
- Deductions u/s 16 (iva + ivb + ivc)
Gross total income(B1 + B2 + B3)
Part C – Deductions u/c VI-A and Taxable total income
Part C includes all the deductions and taxable total income
Here the deduction limit will be as per the income tax act
- 80C, 80CCC, 80CCD(1), 80CCD(1B), 80CCD(2), 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80GG, 80GGC, 80U
- Value of Total deduction
- Total income (B4 – C1)
Part D – Computation of tax payable
- D1 Tax payable on total income
- D2 Rebate u/s 87A
- D3 Tax after rebate
- D4 Cess on D3
- D5 Total tax and cess
- D6 Relief u/s 89(1)
- D7 Interest u/s 234A
- D8 Interest u/s 234B
- D9 Interest u/s 234C
- D10 Fee u/s 234F
- D11 Total tax, fee, and interest
- D12 Total tax paid
- D13 Amount payable
- D14 Refund
- Exempt income
Part E – Other Information
Part E includes banking details
- IFSC Code of the bank
- Name of the bank
- Account Number
Schedule-IT: IT Details of advance tax and self-assessment tax payments
- BSR code
- Date of deposit
- Serial number of challan
- Tax Paid
Schedule-TDS: TDS details of TDS/TCS
- TAN of deductor/ PAN of tenant
- Name of deductor
- Gross payment
- Year of tax deduction
- Tax deducted
- TDS/TCS credit
The verification section is for a taxpayer who has to self-attest the form by signing this. It is put up in the last as all the desired details are filled-up by the individuals.
Terms related to ITR-1 Filing Form (or SAHAJ Form)
Notice Number: This number is issued by the Income Tax Department of India with respect to the return furnished by the taxpayer.
Revised Return: If an individual has committed some mistake in ITR 1 Filing form then one can rectify the mistake. One can furnish a revised return on or before 31st March of the succeeding financial year.
Advance Tax: If the tax on the income is above Rs. 10,000 in that case assessee is required to calculate & deposit the advance tax. This tax has to be paid on a quarterly basis such as June, December, September, and March.
Annexure-less Return: ITR-1 Filing form doesn’t require affixing any other documents while filing the return.
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