In this post, we will see how to fill ITR-1 form details. We will discuss every part of ITR-1 with an explanation. We will cover the following:
- Part A – General Information of the Assessee
- Part:B – Gross total Income
- Part C – Deduction and total taxable income
- Part:D – Computation of tax payable
- Part E – Other details
- Schedule IT – Advance tax and self-assessment tax details
- Schedule – TDS details of TDS/TCS
Part A – Assessee General Information
- PAN – PAN of the Assessee as registered with ITD Database
- Name – Name of the Assessee for whom the return is being filed
- Aadhar No – Aadhar number of the Assessee as mentioned in the Aadhar card
- Mobile no – Contact number of the Assessee as registered with ITD
- Address – Address of the Assessee for any communication
- Email address – Email-Id of the Assessee as registered with ITD
- Return filed – Tick the appropriate checkbox whichever is applicable on the day of filing the return
- Employer if any – Tick the appropriate check box as applicable
- If revised then enter receipt no – Enter the receipt number of the original return which was filed before and the date when it was filed.
- Filed in response to notice u/s – Enter the date of communication for the notice sent you under the specified sections
- If governed under Portuguese Civil code – Tick the checkbox, if applicable. Enter the PAN of your Spouse, if the section is applicable.
Part B – Income Details from salary/pension, House property etc. as mentioned in the TDS certificate
B1 – Salary / Pension Details
- Salary – Basic Salary of the Assessee excluding all allowances, perquisites, and profit instead of salary.
- Allowances not exempt – Salary Allowances which are taxable like Special Allowance etc.
- Value of perquisites – Perquisites which are taxable in the hands of the Assessee like Rent free accommodation etc.
- Profit in lieu of salary – Any amount shared with the employee as a part of the profit, other than salary like a commission, incentive etc.
- Deductions u/s 16 – This comes in 2 types;
- Entertainment allowance – A deduction allowed to government employees
- Tax on employment – A deduction allowed on tax paid to state government generally called as Professional Tax
- Income chargeable under head “salaries” [(1+2+3+4-5) =6] – Total taxable income under salary head after computation on before points.
B2 – House Property Income details
Tick applicable options (Self-occupied / Let Out) – select the applicable one.
- Gross rent received/ receivable / letable value (applicable in case of Let Out) – Total Rent received or receivable for the year
- Tax paid to local authorities (applicable in case of Let Out) – Municipal Taxes paid for the house
- Annual value [(1-2)=3] (applicable in case of Let Out) – The Net annual value derived
- 30% of Annual value (applicable in case of Let Out) – 30% of the net annual value
- Interest payable on borrowed capital – Interest amount paid for the year on the Housing loan borrowed for the property
- Income chargeable under the head “house property [(3-4-5) =6] – Total taxable income under house property head after computation on before points. In case of loss, amount to be shown within “()”
B3 – Income from other sources
Total of any other income received by the Assessee from other sources like interest on bank deposit, commission income etc.
B4 – Gross total income (B1+B2+B3)
Total taxable income derived on adding up all sources of income. In case of loss, amount to be shown within “()”.
Part C – Deductions and Taxable total Income
Details w.r.t deductions applicable on Savings and investments done and total taxable income.
- 80C – General Investments and savings like PPF LIC Premium Housing Loan repayment etc
- 80D – Payment made towards Medical Insurance Premium for self and Parents
- 80G – Donation made for any charitable institutions or any govt recognised institutions
- 80TTA – Interest earned from savings account maintAINED in banking institutes.
- Any other – Any other income or savings which is applicable for deductions under Chapter-VIA can be specifically mentioned here with suitable sections
- Total deductions C1 – Total amount i.e., deductible from above mentioned sections
- (B4-C1) = Total Income C2 – Total taxable income derived after reducing total deductions
For more information on 80C, 80D, 80G, 80TTA. Read the below topics.
- VI-A deduction – Deductions under Section 80C, 80CCC & 80CCD
- Deductions under VI-A section 80D, 80G, 80E and the rest
Part D – Computation of Tax Payable
- D1: Tax payable on total income – Gross tax payable on income computed from Part A, Part B, and Part C.
- D2: Rebate u/s 87A – An amount of Rs 2500 allowed as a rebate (Amount reduced upto the given limit) on tax payable provided the total taxable income is below Rs. 5 lakh
- D3: Tax after rebate – Amount derived after reducing rebate from tax payable (D1-D2)
- D4: Cess on D3 – An additional tax calculated on tax payable current rate on 4%
- D5: Total tax and Cess – D3+D4 – total income tax payable
- D6: Relief u/s 89 (1) – Relief claimed on salary arrear
- D7: Interest u/s 234A – Interest payable on delayed returns filing
- D8: Interest u/s 234B – Interest payable on deferred tax payment
- D9: Interest u/s 234C – Interest payable on delayed advance tax payment
- D10: Fees u/s 234F – Late fee payable for late return filing
- D11: Total tax, Fee and Interest (D5+D7+D8+D9+D10-D6) – Final tax payable including late fee and interest
- D12: Total taxes paid – The tax which has already been paid in terms of advance tax, TDS / TCS and self-assessment Tax
- D13: Amount payable (D11-D12) if (D11>D12) – Tax amount payable after reducing the tax which is already paid
- D14: Refund (D12-D11) (if D12>D11) – If tax paid is greater than tax payable then the refund can be claimed
- Exempt Income
- 10(38) – Any income shown as exempt under capital gains
- 10(34) – Any income shown as exempt under capital gains
- Agriculture income – Any agriculture income below Rs 5000
- Others – Any other income which is claimed as exempt
Part E – Other information
- Provide the bank account details held under the particular PAN
- Select any one account for refund purpose (if applicable)
Schedule – IT
Details of any Advance tax and Self-assessment tax paid by self.
Schedule – TDS details of TDS/TCS
Details of TDS/TCS as provided in Form 16/ 16A/27D or in Form 26AS.
- Self-declaration by the assessee
- If the return is filed by Tax return preparer (TRP) then provide the details of TRP.
This comes to the end of our post. Let us know your opinion by commenting below.
Read more: A guide to ITR 1