Monday, August 22, 2016

Form Fields for ITR-1

This Income Tax Return document has different sections pertaining to the information that needs to be submitted for a successful filing of income tax return.

The sections can be described as below -
Part A - Personal Details (general details like name, date of birth, email address and the like)
Part B - Gross Total Income (income from salary as furnished by Form 16 and Form 12BA)
Part C - Deductions and Taxable Total Income (deductions as mentioned under Form 16, could be under any of the applicable sections of the Income Tax Act)
Part D - Tax Computation and Tax Status (deals with actual computation of tax taking into account the prevailing tax laws)
Bank Account Details (details of active bank account of the individual, IFSC code, branch name, bank name and the like)
Verification
Schedule IT - Deals with details of advance tax and self assessment tax payments
Schedule TDS1 - Deals with details of Tax Deducted at Source from Salary (through Form 16)
Schedule TDS2 - Deals with details of Tax Deducted at Source from income other than Salary (through Form 16A)
Supplementary Schedule TDS1 and TDS2
Filing Income Tax Returns through Income Tax Return Form 1 or ITR-1 (Sahaj):

After duly filling up the different fields as applicable, the form can be e-filed through the portal of the Income Tax Department of India. The last date for filing income tax returns is mostly the last working day of August of a financial year.

Post the filing of ITR-1, an ITR-V form will be received by the assessee and the same needs to be sent to the local branch office of the Income Tax Department through post within 120 days.

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