Wednesday, 10 July 2013

Income Tax | Returns Filing - Step 2 [a] : Filling-up Form ITR-1, For Salaried Employee [under TDS1 or TDS2]

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For Individuals / HUF having Income from Salary / Pension / Income from One House Property [excluding loss brought forward from previous years] / Income from Other Sources [Excluding Winning from Lottery and Income from Race Horses]

ITR-1 is for salaried individual or HUF  [with TDS1 accumulation], with no other income sources other than salary or renumeration contract employee [with TDS2 accumulation] or both.

It is also one of the most simple Income-Tax Returns-Filing, with very few fields, with just 4 pages to fill up. Lets do it in the traditional step by step process.
  1. Income Details: In the First page, it is the basic information [like, name, DoB, PAN, IT Ward & Section, Annual Salary/Pension, Income from One House,  etc].
  2. TDS: In the Second page, the TDS details from Form 16, Form 16A & any Advance Tax Paid or Self Assessment Tax paid/payable details are to be filled.
  3. Taxes Paid and Verification
  4. Section 80G Deductions: [Refer article Section 80] There are 4 different sub sections under 80G, which are explained in the before said page-link.
If you are still unsure and need professional help, feel free to contact us for our extended [payable] services.

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