Resident Personal Income Tax Return Form

Income Tax ReturnTax return is a form that you are required to file and contains information about your income as well as tax liability thereon. You are required to file these tax return forms with the Income Tax Department. The Income Tax Act, 1961, obligates the citizens of India to file their tax returns, at the end of every Financial Year, with the I-T Department. However, it is not mandatory for every citizen. There are different types of ITR form and each form is applicable to a certain section of assessee. These forms need to be filed on a specified due date. Income Tax Department will process only those tax returns which are filed in proper forms and within the due date.ITR Form 1The single Income Tax Return (ITR) form, notified by the CBDT on April 5, has been put on its website, e-Filing Home Page, Income Tax Department, Government of India"Other ITRs will be available shortly," said the Income Tax e-filing website.The new ITR forms for the assessment year 2018-19 mandate the salaried class assessees to provide their salary breakup, and businessmen their GST number and turnover.The Central Board of Direct Taxes (CBDT), that frames policy for the tax department, had said some fields have been "rationalised" in the latest forms and that there is no change in the manner of filing the ITRs as compared to the last year.The form this time seeks an assessees salary details in separate fields and in a breakup format such as allowances that are not exempted, value of perquisites, profit in lieu of salary and deductions claimed under section 16.These details are provided in the Form 16 of a salaried employee and a senior tax official said that these are now meant to be mentioned in the ITR for clarity of deductions.The CBDT had said that the ITR-1 can be filed by an individual who "is resident other than not ordinarily resident and having an income of up to Rs 50 lakh."Which ITR Form to File?The Finance Minister has promised to the individual tax payer that he will make tax filing simpler for them, fulfilling this promise CBDT has now introduced a simplified ITR 1 Form applicable only for individuals having income up to Rs. 50 lakh. But taxpayers having dividend income above Rs. 10 lakh or unexplained credit can’t opt for ITR-1. The ITR-2A introduced in 2016 has now been withdrawn and even the old ITR-3 is merged with ITR-2. As such all the individual taxpayers (except those who are eligible to use ITR-1 or those earning business incomes) would be required to file ITR-2 only.Old ITR-4 is now replaced by ITR-3 as such the individual taxpayer earning income from business or profession are now required to use ITR-3. Taxpayers opting for presumptive taxation were required to file ITR-4S but now they are required to file ‘ITR-4 SUGAM’ for presumptive income.What is the structure of ITR 1 Form?Part A – General InformationPart B – Gross total IncomePart C – Deductions and taxable total incomePart D – Computation of Tax PayablePart E – Other InformationSchedule IT – Detail of Advance tax and Self-Assessment Tax paymentsSchedule TDS – Detail of TDS/TCSWho is eligible to file the ITR-1 FormITR -1 should be filed for an assessment year, when Total Income of an Individual includes:Income from Salary/PensionIncome 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.When Should ITR – 1 be filed?ITR-1 form is to be used when the assessee has income that is within Rs. 50 Lakhs and when the source of income falls into any of the below categories:Income from Salary/ PensionIncome from just one house propertyIncome from other sources excluding Winning from Lottery, Race Horses, income from foreign assets, Capital Gains, Business or Profession, Agricultural income that exceeds Rs. 5000.Who can’t use Form ITR 1?Return in ITR 1 cannot be used by an individual if he:Is resident and ordinarily resident of India and has, –Any asset (including financial interest in any entity) located outside India; orSigning authority in any account located outside India; orIncome from any source outside India.Has earned income from capital gains or business or professionHas income from more than one house propertyHas losses under the head income from other sourcesHas total income above Rs 50 lakhsHas dividend income above Rs 10 lakhs taxable under Section 115BBDAHas unexplained credit or investment taxable at 60% under Section 115BBE.Has agricultural income exceeding Rs 5000Has income from winning from lottery or horse raceHas claimed any relief u/s. 90 or 90A or 91AHow do I file my ITR-1 Form?You can submit your ITR-1 Form either online or offline.Offline:Only following persons have the option to file the return in paper formAn individual at the age of 80 years or more at any time during the previous yearAn individual or HUF whose income does not exceed Rs 5 lakhs and who has not claimed any refund in the return of incomeFor 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.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.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.The Major Changes which are made in the ITR 1 for the AY 2018-19 are:Earlier ITR-1 was applicable for both Residents, Residents Not ordinarily resident (RNOR) and also Non-residents. Now this from has been made applicable only for resident individuals.The condition of the individual having income from salaries, one house property, other income and having total income upto Rs 50 lakhs continuesThere is a requirement to furnish a break-up of salary. Until now, these details would appear only in Form 16 and the requirement to disclose them in the return had never arisen.There is also a requirement to furnish a break up of Income under House Property which was earlier mandatory only for ITR -2 and other formsTerms to know in ITR Form 1:Revised Return: If you have already filed your income tax return but you later discover that you have made a mistake in it, you can re-file. This is called a Revised Return. For the Financial Year 2017-18, you can file your Revised Return till March 31, 2019.Notice Number: You should fill this in only if you are filing your return in response to a notice from the Income Tax Department.Advance Tax: For salaried individuals, TDS mostly takes care of advance tax payments. However you might have other forms of income – like interest on savings bank accounts, fixed deposits, rental income, bonds or capital gains. If tax on income is more than Rs. 10,000 per year, you are required to estimate your income and pay Advance Tax. This has to be paid in quarterly installments in June, September, December and March.Self-Assessment Tax Payments: This is the difference between tax payable and tax paid and it needs to be paid before you file your return. When you fill out the form for the first time, you won’t know whether Self-Assessment Tax has to be paid or not. So, fill out the form first along with the Advance Tax details, if paid. Compute your income and if after computing, you find that tax is still payable, pay it and then fill in the details in self-assessment tax paid section in the return.Annexure-less Return: ITR-1 Form is an Annexure-less return. This means that you do not have to attach any documents (such as Form 16/Form 26AS) with the ITR-1 Form.Important information required to file ITR:PAN card is mandatory for all the assesseesAadhaar card has now been made mandatory for individual tax filers. In case of non-individual tax payers, the Aadhaar card of the authorized person is required to be providedIncome from salary, agriculture, other sources, house property, profession, capital gainsPersonal details like name, mobile number, address, type of employmentDeductions under chapter 10, chapter VI-A and many other sections like Section 80U, 80C, 80DComplete bank account details including branch, IFSC number along with account numberSelf-assessment tax paid, advance tax paid, TCS and TDS will be updated automaticallyDetails of cash deposited of the old, demonetized notes made between 9th November to 31st December 2016 and exceeding Rs. 2 lakhYou can apply for an attractive offer with best possible Rate of Interest and Terms for Personal, Business and Home Loan.FundsTiger is an Online Lending Marketplace where you can avail fast and easy Home, Business and Personal Loans via 30+ Banks and NBFCs at best possible rates. We will also help you to improve your Credit Score. 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PPF contribution and LIC premium paid is shown under section 80C deductions ( chapter VIA deduction) in ITR.However total limit under 80C is 1.5L.( I am assuming that you have referred to investments made -ppf/LIC and not withdrawals (income)from the same).Regards.

Here is a step by step guide to e-file your income tax return using ClearTax. It is simple, easy and quick.From 1st July onwards, it is mandatory to link your PAN with Aadhaar and mention it in your IT returns. If you have applied for Aadhaar, you can mention the enrollment number in your returns.Read our Guide on how to link your PAN with Aadhaar.Step 1.Get startedLogin to your ClearTax account.Click on ‘Upload Form 16 PDF’ if you have your Form 16 in PDF format.If you do not have Form 16 in PDF format click on ‘Continue Here’Get an expert & supportive CA to manage your taxes. Plans start @ Rs.799/-ContinueWhat are you looking for?Account & Book KeepingCompany RegistrationGST RegistrationGST Return FilingIncome Tax FilingTrademark RegistrationOtherStep 2.Enter personal infoEnter your Name, PAN, DOB and Bank account details.Step 3.Enter salary detailsFill in your salary, employee details (Name and TAN) and TDS.Tip: Want to claim HRA? Read the guide.Step 4.Enter deduction detailsEnter investment details under Section 80C(eg. LIC, PPF etc., and claim other tax benefits here.Tip: Do you have kids?Claim benefits on their tuition fees under Section 80CStep 5.Add details of taxes paidIf you have non-salary income,eg. interest income or freelance income, then add tax payments that are already made. You can also add these details by uploading Form 26ASStep 6.E-file your returnIf you see “Refund” or “No Tax Due” here, Click on proceed to E-Filing.You will get an acknowledgement number on the next screen.Tip: See a “Tax Due” message? Read this guide to know how to pay your tax dues.Step 7: E-VerifyOnce your return is file E-Verify your income tax return

The answer is yes, it should be. Remember that you will receive a credit for any Indian taxes you pay.

you can very easily file your income tax return online, but decide which return to file generally salaried individual files ITR 1 and businessmen files ITR 4S as both are very easy to file. First Fill the Details on First Page Name, Address, mobile no, PAN Number, Date of Birth and income from salary and deduction you are claiming under 80C and other sections. Then fill the details of TDS deduction which can be check from Form 16 as well as Form 26AS availbale online. Then complete the details on 3rd page like bank account number, type of account(saving), Bank MICR code(given on cheque book), father name. Then Click and Validate button and if there is any error it will automatically show. recity those error Then click on calculate button and finally click on generate button and save .xml file which you have to upload on income tax. This website I really found very good for income tax related problem visit Income Tax Website for Efiling Taxes, ITR Forms, etc. for more information.

The Indian Income-Tax department has made the process of filing of income tax returns simplified and easy to understand.However, that is applicable only in case where you don’t have incomes under different heads. Let’s say, you are earning salary from a company in India, the company deducts TDS from your salary. In such a scenario, it’s very easy to file the return.Contrary to this is the scenario, where you have income from business and you need to see what all expenses you can claim as deduction while calculating the net taxable income.You can always signNow out to a tax consultant for detailed review of your tax return.

The applicable Form for filing of your income tax return shall need to examine nature of your income.If you are receiving Form 16A only, then it means you are earning income other than salaries, and therefore possibly you shall need to file Income Tax Return in Form ITR 3 or ITR 4 (depends over the nature of income as already said in above para).You shall need to register your PAN on the website of income tax efiling, thereafter you shall need to link your PAN if you are a resident of India.After successful registration, you may file your income tax return through applicable form. Show your income as being appearing in Form 16A, your bank interest and any other income if you do have.For any assistance/queries related to taxation, you may contact me on pkush39@gmail.com

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