A few doubts about filling itr-1 form

Efiling 4942 views 4 replies

1. in itr-1, when I write income from salary, should I deduct prof. tax from gross salary as in form -16? if not, then where should I show the deduction?

2. Interest from other sources should incude fixed deposit interest. Is that correct? I guess this should also contain dividend from (ELSS) equity mutual fund and small amount of dividend received from shares (about Rs 20). 

3. Where should I show deduction for above dividends since this is not taxable? is it within chapter VI A? 

4. although income from dividend is very small, a I justified in using itr-1?

Replies (4)

1. Yes, you have to show net taxable salary so you have to deduct professional tax from gross salary

2. Yes, fixed deposit interest will be taxable under Income from other sources and exempted dividend will not be covered here.

3. They also not covered under Chapter - VI-A, they straight forward exempt under section - 10. You have to show such exempt income only for reporting purposes

Where to show ? - Ans := Page -2 , D19 Exempt income only for reporting purposes.--show total exempt income - no bifurcation or category..

4. Since, you have only Salary & Other income , ITR - 1 will be applicable.

Thank you very much.

I have one more doubt, hopefully the last one. In the TDS part of ITR-1, there is an entry for "income chargeable under the head salaries" (see under TDS from salaries, E2 cell). What I understand is that I should calculate (gross annual salary - tax on employment - deduction under chapter VIA - deduction of 180000) and write this figure. Is that correct or not? Or should I just write (gross annual salary - tax on employment) in the cell?

 

Thanks for suggestions.

 

You need to show taxable salary income what you have showed on pg- 1 i.e. you don't have to after deducting Rs180000 basic limit and as per Form - 16 , in form -16 it is available you need not to calculate it

In case I am NOT using digital signature, what should I do at the "sign here" cell (I31) in "taxes paid and verification" section, ITR-1? Type my name or do something else? In case I do digital signature, what is to be done here? Though I probably won't be able to sign digitally, since I am yet not familiar and their "how to get digital signature" link is not working. Still I am curious to know. Thanks a lot for your suggestions.


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