Greetings of the day to all the members of CCI Family.
I have written the following articles in the last one week, in case you have missed them you can check it out from here.
“Journey into stock market - Basics”
“Journey into stock market - 2”
“Journey into stock market - 4”
Today I am going to shift my focus from finance to taxation.
Yesterday while driving I had a thought about students who couldn’t complete their article ship or those who did but don’t have much experience in Taxation.
So through this article I would like to share my experience and help the students so that they don’t face any problem after qualifying.
In this article I would be discussing on the following –
a. Income Tax Return – 1 (ITR – 1 SAHAJ)
b. ITR – V
c. Other points in relation to ITR
So let’s start with it:
Persons Liable to file ITR-1 SAHAJ –
a. Income from salary/pension
b. Income from one House Property (Excluding cases where loss is brought forward from previous years)
c. Income from Other sources (Excluding winning from Lottery & Race Horses)
Who cannot use this Return Form –
a. Income from more than 1 House Property
b. Income under the head P.G.B.P, Capital gains, etc.
c. Any resident having any asset or financial interest outside India.
Manner of filing ITR – 1 –
a. In a paper based form
b. Electronically under Digital signature
c. Electronically with submitting the verification of the return in Return form “ITR – V”
d. ITR – V, duly signed by the assesse, has to be sent by post to Post bag No.1, Bengaluru.
New to E-Filing –
a. First of all register yourself at https://incometaxindiaefiling.gov.in/
b. Fill in your details i.e. User type i.e. Individual, company, HUF, etc.
c. General details eg. PAN, Address, Email id, etc.
d. You will get a login ID with the help of which you can sign in for uploading your return.
How to E- File –
a. Download the applicable ITR form
b. Fill it offline & generate XML
c. Login to the portal
d. Upload the return OR
Login to submit & submit ITR online.
Important points in relation to ITR-1 –
a. Details regarding Name, PAN, Gender, Date of Birth. (A-1 to 6)
b. Ward Circle – If you know about the ward circle fine otherwise you can get it by signing in with the help of your Permanent Account Number(PAN) (A-7)
c. You can get it by clicking on Know my Jurisdiction and then u have to simply sign in and you will get the required details.
d. ddress, Email address, Mobile Number, Number of TRP. (A-8 to 17)
e. Details relating to salary as given in form 16 needs to be filled.
f. Details in relation to TDS has to be in line with Form 16 & 16 A & need to be reported in Tax schedule.
g. Other things as per the details of individual.
Slab Rate (2015-16)-
Click on the following link –
http://www.incometaxindia.gov.in/Pages/i-am/individuals.aspx
Checklist of Documents –
- Last year return
- Bank statement & TDS certificates
- Saving certificates
- Balance sheet, profit &loss account, etc.
P.S – This article has been written with the help of Income tax site.
All the very best for results.
About the Writer –
CA Final Student (Gave Nov 14)
CIMA Management Level
B.Com (P)
For any further help writer can be contacted at sanyam.arora27@gmail.com
CAclubindia
