Guide to File Income Tax Return (ITR) 1 Online:
Part-A (General Information)
- Create a profile on the IT department tax filing website i.e. http://incometaxindiaefiling.gov.in
- Make sure that a functional email id and mobile number to authenticate the profile.
- Then need to quote the Adhaar number in the form and verify the Adhaar details as well.
- Select the form applicable in your case. For most individuals, it is ITR 1- SAHAJ.
- SAHAJ is for individuals having income from salaries, one-house property, and income from other sources such as dividends, interest income, income from winnings, etc.
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%
- Deduction u/s 57(iia)
Sum of the entire amount will come under Gross Total Income
Part C – Deductions u/c VI-A and Taxable total income
Here the deduction limit will be as per income tax act
- Value of Total deduction
Total income (Gross Total Income – Deductions U/c VI-A )
Part D – Computation of tax payable (Valuation 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 (banking details)
- IFSC Code of the bank
- Name of the bank
- Account Number
- The return that which is filed will not be treated valid unless it is verified
- The taxpayer has to verify and self-attest the form at the last by signing the verification content after entering all the details such as name, parent name and PAN details
- For physical verification of the return, print the acknowledgment of ITR-V, sign it in blue ink, and send it to the Centralized Processing Centre (Bangalore) within 120 days of filing your return.
Important Terms to Understand In ITR-1 SAHAJ Form for AY 2020-21
- Revised Return: There is an option of re-file, so if you have made certain mistakes, you can rectify them again. For the FY 2019-20 the taxpayer can furnish the revised return on or before 31 March 2021.
- Advance Tax: If the tax on other income is above Rs. 10,000 in a year, the assesse is required to calculate and deposit the advance tax. This advance tax is to be paid on a quarterly basis such as on, June, December, September and March.
- Annexure-less Return: Annexure-less return which means it doesn’t require to affix any documents with the ITR-1 Form.