The income tax department has been making changes to the returns filing forms to make it simple for the common people. In fact, the ITR 1 form, which is also know as Sahaj, is now just one page. If you are still struggling with your returns filing, here's how to file it:
First let’s get this clear, as to who should use the ITR 1 form for assessment year 2017-18? This form is for individuals having income up to Rs 50 lakhs from the below-mentioned sources:
* Income from salary/pension
* Income from one house property (this excludes cases where loss is brought forward from the previous years)
* Income from other sources (this excludes money from lottery wins and money Horse racing wins)
The most important thing to keep in mind is that only those salaried individuals with income up to Rs 50 lakh can use this form
There are seven parts to this form.
Part A( General Information): As the name suggests you need to give information such as name, PAN number, Aadaar number, e-mail address and the like.
Part B (Gross total income): Here you need to disclose income under three sub-categories. First, you mention income from salary/pension, you will get this information in your form 16. Next column, you need to mention income from house property. Keep in mind that this excludes cases where loss is brought forward from the previous years. The third section is for income from other sources.
Part C (Deductions and taxable total income): Here you can you can claim deductions from your total income. So keep the relevant documents handy. You need to give details under Section 80 C investments, such as LIC premiums, NSE, PF contribution and the like. The second part box is for Section 80D, you need to fill in details of health insurance premium for self, spouse, dependent children and parents, for a maximum amount up to Rs 60,000. In Part C of the form you need to mention details of donations you’ve made authorized charities. Also fill in details of Section 80TTA, which allows deduction with respect to interest on deposits in savings account up to Rs 10,000.
Part D (Computation of tax payable): Here you need to you need to calculate your tax on total taxable income arrived at Part C after providing for deductions. You can do so by using online tax calculators. No need to actually break your head over the math. Remember, if your total income does not exceed Rs 5 lakh, you can claim rebate under Section 87A up to a maximum amount of Rs 5,000. Don’t forget to give details of all your exempt income, like dividend income, LTCG, agricultural income of less than Rs 5,000 etc.
Part E (Other account details): Here you need to give details of all active savings and current accounts. An important thing to remember in this section is that you have to mention the amount of cash deposited between 9 November 2016 and 30 December 2016, if the aggregate amount of cash deposited during the said period is Rs 2 lakh or more.
Schedule IT (Detail of advance tax and self assessment tax payments): Here you need to give the details of payments for advance tax and self-assessment tax you paid.
Schedule TDS (Detail of TDS/TCS): Mention here the details of all taxes deducted by your employer. You should give details as per your Form 16 and Form 16A for TDS. And, details of tax collected source in accordance with Form 27D issued by the person who collected the tax should be furnished.
For more details on instructions for filling ITR-1 SAHAJ read this.
Updated Date: Jul 20, 2017 14:33 PM