BUSINESS DEVELOPMENT MANAGER
1697 Points
Joined February 2019
The ITR-1 form notified by the government for FY 2018-19 has simplified filling in salary details this year. The salary details required in ITR-1 is now just a copy-paste of the details available in your Form-16. This is a departure from the manner in which salary details were required to be filled in the previous year.
This year, ITR-1 has been synchronized with Form-16 to enable salaried taxpayers to easily fill in details. In the previous year, the format in which break-up of the salary was required to be filled in was not in sync with the Form-16 which made it difficult for taxpayers to f ill in their details
Form-16 consists of two parts - Part A and Part B. The Part A of Form-16 tells the taxpayer about the total tax deducted by his/her employer and deposited to the government against his/her PAN. It tells the employee the period for which tax is deducted, quarter-wise break-up of how much TDS is deducted and deposited with the government in each quarter, PAN and TAN of your employer. Part B provides detailed ..
The information regarding the same is easily available in Form-16. Standard deduction of Rs 40,000 will be a new detail inserted in Form-16 as it was re-introduced in Budget 2018. The deduction on entertainment allowance is applicable only to government employees for maximum of Rs 5,000 or one-fifth of his salary excluding any allowance, benefit, or other perquisite, whichever is lesser.