How to File ITR-1 with Form -16 for Salary person ?
Ans :- ITR-1 its full from Income Tax Return -1 .
question is who is applicable for this return?
Answer :- it is applicable for Salary person or pensioner person and
income from only one House Property purpose. They are total income not
excess Rs.50 lakhs.
ITR -1 Return process
give below step by step
Step-1
1st You collect 12th
month pay slips from your company where you work as an employee With Form- 16.
Just Examle your per month Salary purpose Income given Below Table.
Table No-1 (Monthly Salary)
Table No-2 (Calculation for Total Taxable allowance)
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Particulars |
Working Note |
Amount |
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Salary as per provision contained in sec-17(1) |
(Basic Salary + Taxable allowance+ Non Taxable Allowance) |
670453 |
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Less:- Non Taxable
allowance |
(Direct given form-16) |
0 |
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670453 |
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Less:- Basic Salary |
As per monthly Calculation |
240735 |
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429718 |
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Table No-3 (Calculation Income Chargeable under the head salary)
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Income from Salary |
Base |
Working Note |
Amount |
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Salary (Excluding all Allowance perquists & profit in lieu
of salary) |
Basic Salary |
Table-1 |
240735 |
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Add:- Allowances Not Exempted |
Taxable Allowance |
Table-2 |
429718 |
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Add:- Value of perquistes |
Salary Other then cash |
Direct figur in Form -16 |
0 |
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Add:- Profit in lie of Salary |
incentives/Bouns |
Direct figur in Form -16 |
0 |
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Less:- Deduction U/s- 16 |
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Direct figur in Form -16 |
2288 |
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668165 |
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ITR-1 form are divided
five part
Part-A( General
Information) , Part-B ( Gross Total
Income) , Part-C (Deduction & Taxable Total Income) , Part-D (Computation of Tax Payable) ,Part-E ( Other
information)
So Follow step by
step
Step-1 (General Information)
(Filled up part-A)
PAN : ABCDXXXXA Date of Birth :
01/01/1985 Aadhaar Number:
1234-1234-1234
First Name : Kalyan Middle Name : Last Name : Malik
Mobile No: 93395XXXXX Email Address:KXXXXXX@gmail.com
Are you government
by Portuguese Civil Code as per Section
5A?
If YES , provide PAN
of the Spouse : [ NO \/ ]
Address
Flat/Door/Block No: Fil Up
Road/Street/Post office :
filup Name of
premises/Building/Village: Filup
Area/Locality: Fill up
Town/City/District : Fill up Pin
Code:XXXX State: WB
Employee Category : (Other for PVT Sector / Public for Govt Sector)
Section : Voluntarily on or
Before the Due Date U/s- 139(1)
Filing Type : ( Original)
Step-2 (Computation of Income & Tax )
(Filled up Part-B)
_________________________________________________________________________________
B1 – Salary /Pension (i) Salary (Excluding all Allowance ,
perquisites & 2,40,735
Profit in lieu of salary
(ii) Allowance not Exempt 4,29,718
(iii) Value of perquisites 0
(iv)
profits in lieu of salary 0
(v)Deduction
U/s- 16 - 2288
(Vi)
Income Chargeable under the Hear”Salaries” 6,68,165
(
i + ii +iii +iv –v)
________________________________________________________________________________
B2-House Property Type of House property
Self Occupied
(i)
Gross
Rent Received / Receivable
/letable Value
(ii)
Tax
Paid to Local Authorities
(iii)
Annual
Value( i-ii)
(iv)
30%
of annual Value
(v)
Interest
payable on borrowed capital ( Rs
1,60,502/- )
(vi)
Income
Chargeable under the head -
1,60,502/-
“House property” (iii-iv-v)
[Maximum loss from house Set off Rs 2,00,000/-]
B3 Income
from other Sources
[Ensure
to fill “Sch TDS 2”]
B4 Gross
Total Income (B1+B2+B3) 5,07,663/-
Note:-
To avail the benefit of Carry forward & Set-off of
Loss
please use ITR-2
[Salary
person take a home loan (i) principal Component Rs. 38,642/- ii) interest component Rs. 160,502/-
iii) pre-EMI interest
Rs.17,913/- So ,ITR-1 Only B2 –House
property part allow interest Amount Only.
As a salary person
House property type self-occupied Then applicable.
This Document
Collected only Home Loan Bank Department
they are Give this Details. ]
Step-3 (Deduction and Taxable Total Income)
(Filled up Part-C)
Section AMOUNT SYSTEM CALCULAT
80C-life insurance
premium deferred annuty
67,964/- 67,964/-
Contributors to
provident fund,Subscription to Certain
Equity Share or
debenture etc.
[_______________________________________
Note:- principal
Amount Home Loan=38642
Add Provident fund = 29322
67,964 ]
80 D –Health
Insurance Premium
(A) Health insurance premium (Parents) 9,845/- 9,845/-
C1 Total Deductions 77,809/- 77,809/-
C2 Total Income (B4- C1) 4,29,850/-
Step-4 (Computation of Tax Payable)
(Filled up part-D)
D 11 Total Tax , Fee & interest 10,905/-
(D6+D7+D8+D9+D10-D6)
[Note : It is
Automatic Calculate]
Tax
Details
Sch TDS 1 Details of
Tax Deducted at Source from salary 39,449/-**
[As per form 16
issued by Employer ]
(Note:-It is show
automatic by online because it is filed by Employer)
[** Note: Total Taxpay Rs.10,905/- but part-D Show
Rs.39,449/-
Then Refund Amount is (39,449-10,905]= 28,544/- ]
Tax paid and Verification
Total Taxes Paid
D12 (v) Total Tax Paid 39,449/-
[D12(i+ii+iii+iv)]
D13 Amount payable 0/-
(D11-D12) (if D11>D12)
D14 Refund (D12-D11) if (D12>D11) 28,544/-
Step-5 ( Other information)
(Filled up part-E)
a) Bank A/c in Which refund , If any ,shall be
Credited
1) IFSC Code :SBIXXXX 2) Name of Bank:SBI 3) A/c Number : 123XXXXXXXX
b) Other Bank A/c Details
1) IFSC Code :SBIXXXX 2) Name of Bank:SBI 3) A/c Number : 123XXXXXXXX
Verification
Father Name: Put Father name
Who filed :Self
Place: Kolkata
Click This -> Submit
[ Total Online Process]
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