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Income Tax Return
Tax return is a form that you are required to file and contains information about your income as well as tax liability thereon. You are required to file these tax return forms with the Income Tax Department. The Income Tax Act, 1961, obligates the citizens of India to file their tax returns, at the end of every Financial Year, with the I-T Department. However, it is not mandatory for every citizen. There are different types of ITR form and each form is applicable to a certain section of assessee. These forms need to be filed on a specified due date. Income Tax Department will process only those tax returns which are filed in proper forms and within the due date.
ITR Form 1
The single Income Tax Return (ITR) form, notified by the CBDT on April 5, has been put on its website, https://www.incometaxindiaefiling.gov.in
“Other ITRs will be available shortly,” said the Income Tax e-filing website.
The new ITR forms for the assessment year 2018-19 mandate the salaried class assessees to provide their salary breakup, and businessmen their GST number and turnover.
The Central Board of Direct Taxes (CBDT), that frames policy for the tax department, had said some fields have been “rationalised” in the latest forms and that there is no change in the manner of filing the ITRs as compared to the last year.
The form this time seeks an assessees salary details in separate fields and in a breakup format such as allowances that are not exempted, value of perquisites, profit in lieu of salary and deductions claimed under section 16.
These details are provided in the Form 16 of a salaried employee and a senior tax official said that these are now meant to be mentioned in the ITR for clarity of deductions.
The CBDT had said that the ITR-1 can be filed by an individual who “is resident other than not ordinarily resident and having an income of up to Rs 50 lakh.”
Which ITR Form to File?
The Finance Minister has promised to the individual tax payer that he will make tax filing simpler for them, fulfilling this promise CBDT has now introduced a simplified ITR 1 Form applicable only for individuals having income up to Rs. 50 lakh. But taxpayers having dividend income above Rs. 10 lakh or unexplained credit can’t opt for ITR-1. The ITR-2A introduced in 2016 has now been withdrawn and even the old ITR-3 is merged with ITR-2. As such all the individual taxpayers (except those who are eligible to use ITR-1 or those earning business incomes) would be required to file ITR-2 only.
Old ITR-4 is now replaced by ITR-3 as such the individual taxpayer earning income from business or profession are now required to use ITR-3. Taxpayers opting for presumptive taxation were required to file ITR-4S but now they are required to file ‘ITR-4 SUGAM’ for presumptive income.
What is the structure of ITR 1 Form?
Part A – General Information
Part B – Gross total Income
Part C – Deductions and taxable total income
Part D – Computation of Tax Payable
Part E – Other Information
Schedule IT – Detail of Advance tax and Self-Assessment Tax payments
Schedule TDS – Detail of TDS/TCS
Who is eligible to file the ITR-1 Form
ITR -1 should be filed for an assessment year, when Total Income of an Individual includes:
In case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income too is limited to the above specifications.
When Should ITR – 1 be filed?
ITR-1 form is to be used when the assessee has income that is within Rs. 50 Lakhs and when the source of income falls into any of the below categories:
Who can’t use Form ITR 1?
Return in ITR 1 cannot be used by an individual if he:
How do I file my ITR-1 Form?
You can submit your ITR-1 Form either online or offline.
Only following persons have the option to file the return in paper form
For offline ,the return is furnished in a physical paper form.The Income Tax Department will issue you an acknowledgment at the time of submission of your physical paper return.
If you submit your ITR-1 Form electronically, the acknowledgment will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing. Alternatively, you can e-verify your return.
The Major Changes which are made in the ITR 1 for the AY 2018-19 are:
Terms to know in ITR Form 1:
Revised Return: If you have already filed your income tax return but you later discover that you have made a mistake in it, you can re-file. This is called a Revised Return. For the Financial Year 2017-18, you can file your Revised Return till March 31, 2019.
Notice Number: You should fill this in only if you are filing your return in response to a notice from the Income Tax Department.
Advance Tax: For salaried individuals, TDS mostly takes care of advance tax payments. However you might have other forms of income – like interest on savings bank accounts, fixed deposits, rental income, bonds or capital gains. If tax on income is more than Rs. 10,000 per year, you are required to estimate your income and pay Advance Tax. This has to be paid in quarterly installments in June, September, December and March.
Self-Assessment Tax Payments: This is the difference between tax payable and tax paid and it needs to be paid before you file your return. When you fill out the form for the first time, you won’t know whether Self-Assessment Tax has to be paid or not. So, fill out the form first along with the Advance Tax details, if paid. Compute your income and if after computing, you find that tax is still payable, pay it and then fill in the details in self-assessment tax paid section in the return.
Annexure-less Return: ITR-1 Form is an Annexure-less return. This means that you do not have to attach any documents (such as Form 16/Form 26AS) with the ITR-1 Form.
Important information required to file ITR:
Details of cash deposited of the old, demonetized notes made between 9th November to 31st December 2016 and exceeding Rs. 2 lakh