How to fill ITR-1 form details
A guide on how to fill ITR-1 form details
This is a 2 part series on How to fill ITR-1 form details. In this first half, we will cover Part A-C of ITR-1.
Between this series, we will discuss every part of ITR-1 with an explanation. We will cover the following:
Guide to File Income Tax Return (ITR)
Below given are step-by-step parts of ITR1 (Sahaj) form in which every individual filing Income Tax Return has to provide accurate details.
Part A - General Information
- PAN – PAN of the Assessee as registered with ITD Database
- Name – Name of the Assessee for whom the return is being filed. This has to be entered as First Name, Middle Name & Last Name as given to ITD.
- Date of Birth – Date of Birth of the Assessee as provided in PAN.
- Aadhar No – Aadhar number of the Assessee as mentioned in the Aadhar card or the Aadhar Enrollment Id
- Mobile no – Contact number of the Assessee as registered with ITD
- Email address – Email-Id of the Assessee as registered with ITD
- Address – Address of the Assessee for any communication
- Filed u/s – Select the section under which the response is to be submitted
- Or Filed in response to notice u/s – Enter the date of communication for the notice sent you under the specified sections
- Nature of Employment – Tick the appropriate check box for employment as applicable
- If revised/defective, then enter Receipt No. and Date of filing original return – For revise return filing, enter the receipt number of the original return which was filed before and the date when it was filed.
- If filed in response to notice u/s 139(9)/142(1)/148/153C or order u/s 119(2)(b)- enter Unique Number/Document Identification Number (DIN) & Date of such Notice or Order – If notice or order is received, the enter the communication number and date of such communication
- Are you opting for a new tax regime u/s 115BAC ? – Tick the applicable tax regime.
- Are you filing return of income under Seventh provision to section 139(1) but otherwise not required to furnish return of income? – Tick the applicable check box based on the condition applicability i.e. Seventh proviso under section 139(1);
- If the above is selected as Yes; the provide the details for subsequent questions;
- Have you incurred expenditure of an amount or aggregate of amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person? – If YES, enter the amount of expenditure
- Have you incurred expenditure of amount or aggregate of amount exceeding Rs. 1 lakh on consumption of electricity during the previous year? – If YES, enter the amount of expenditure
- If the above is selected as Yes; the provide the details for subsequent questions;
Are you required to file a return as per other conditions prescribed under clause (iv) of seventh proviso to section 139(1)? – If YES, tick Yes or No.
Part B - Gross total income
B1 - Gross Salary Details
- Salary – Basic Salary of the Assessee excluding all allowances, perquisites, and profit instead of salary (as in Form 16).
- Value of perquisites – Perquisites which are taxable in the hands of the Assessee like Rent free accommodation etc.
- Profit in lieu of salary – Any amount shared with the employee as a part of the profit, other than salary like a commission, incentive etc.
- Income from retirement benefit account maintained in a notified country u/s 89A – Any retirement amount received from other country as notified (other than INDIA)
- Income from retirement benefit account maintained in a country other than notified country u/s 89A – Any retirement amount received from other country which is not notified (other than INDIA)
- Less allowances to the extent exempt – Salary Allowances which are non taxable like HRA etc. to be reduced from the salary amount.
- Less: Income claimed for relief from taxation u/s 89A – If Assessee has relief u/s 89A then the amount to be reduced from the salary amount.
- Net Salary – Total Salary income (1+2+3+4+5) reduced by Allowance & relief (6+7) i.e [(1+2+3+4+5)-(6+7)]
- Deductions u/s 16 – This comes in 3 types;
- Standard Deduction – A amount of Rs 50000 allowed as deduction on Salary income.
- Entertainment allowance – A deduction allowed to government employees
- Tax on employment – A deduction allowed on tax paid to state government generally called as Professional Tax
Note: Total of the above 3 will be Deduction u/s 16
Income chargeable under head “salaries” [8-9] – Total taxable income under salary head after computation.
B2 - House Property Income details
Tick applicable options (Self-occupied / Let Out/Deemed Let out) – select the applicable one.
- Gross rent received/ receivable / letable value (applicable in case of Let Out) – Total Rent received or receivable for the year
- Tax paid to local authorities (applicable in case of Let Out) – Municipal Taxes paid for the house
- Annual value [(1-2)=3] (applicable in case of Let Out) – The Net annual value derived from above fields
- 30% of Annual value (applicable in case of Let Out) – Deduction of 30% on the net annual value
- Interest payable on borrowed capital – Interest amount paid for the year on the Housing loan borrowed for the property
Income chargeable under the head “house property [(3-4-5) =6] – Total taxable income under house property head after computation on before points. In case of loss, amount to be shown as Negative.
B3 - Income from other sources
Total of any other income received by the Assessee from other sources like interest on bank deposit, commission income etc.
- Less: Deduction u/s 57(iia) – If the Assessee is receiving Family pension then a deduction on 33.33% is applicable on the Income.
- Less: Income claimed for relief from taxation u/s 89A – Any amount claimed as relief will be reduced from the income of the section.
B4 - Gross total income (B1+B2+B3)
Total taxable income derived on adding up all sources of income in Part B. In case of loss, amount to be shown as Negative.
Part C – Deductions u/c VI-A and Taxable total income
Details w.r.t deductions applicable on Savings and investments are done and total taxable income is derived.
- 80C – General Investments and savings like PPF, LIC Premium, Housing Loan repayment etc
- 80CCC – Contribution made to specified Pension funds provide by life insurance
- 80CCD (1) – NPS contributions up to 10% of the salary (basic salary + DA) made by employees
- 80CCD (1B) – Investment up to Rs. 50,000 in NPS (Tier I account)
- 80CCD (2) – Contribution made by employer to specified pension account on behalf of employee.
- 80D – Payment made towards Medical Insurance Premium for self and Parents
- 80DD – Expenses for supporting & maintaining the medical expenditure for differently-abled dependent person in the family
- 80DDB – Medical expenses incurred for the treatment of specified diseases or ailments
- 80E – Interest paid towards the Higher education loan
- 80EE – Interest incurred for residential house property loan availed from any financial institution or a housing finance company over and above Deduction u/s 24.
- 80EEA – Interest on home loan taken for certain house property
- 80EEB – Interest on vehicle loan taken for purchase of electric vehicle
- 80G – Donation made for any charitable institutions or any govt recognised institutions
- 80GG – Tax Relief who pay house rent but do not receive any HRA.
- 80GGA – Donations made towards scientific research or rural development
- 80GGC – Donations done to political parties
- 80TTA – Interest earned from savings account maintained in banking institutes.
- 80TTB – Interest earned from the deposit accounts held by senior citizens
- 80U – Tax benefit for individuals who are differently-abled
- Any other – Any other income or savings which is applicable for deductions under Chapter-VIA can be specifically mentioned here with suitable sections
- Total deductions C1 – Total amount i.e., deductible from above mentioned sections
- (B4-C1) = Total Income C2 – Total taxable income derived after reducing total deductions from gross income.
This ends the 1st half of our discussion on How to fill ITR-1 form details. In second half, we will be covering the rest of the parts & schedules from ITR-1.
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