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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

What to do after Exams?

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

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