How to fill ITR-1 form

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 – Assessee General Information

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  • 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

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B1 – Salary / Pension Details

  1. Salary – Basic Salary of the Assessee excluding all allowances, perquisites, and profit instead of salary.
  2. Allowances not exempt – Salary Allowances which are taxable like Special Allowance etc.
  3. Value of perquisites – Perquisites which are taxable in the hands of the Assessee like Rent free accommodation etc.
  4. 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.
  5. Deductions u/s 16 – This comes in 2 types;
    1. Entertainment allowance – A deduction allowed to government employees
    2. Tax on employment – A deduction allowed on tax paid to state government generally called as Professional Tax
  6. 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.

    1. Gross rent received/ receivable / letable value (applicable in case of Let Out) – Total Rent received or receivable for the year
    2. Tax paid to local authorities (applicable in case of Let Out) – Municipal Taxes paid for the house
    3.  Annual value [(1-2)=3] (applicable in case of Let Out) – The Net annual value derived
    4. 30% of Annual value (applicable in case of Let Out) – 30% of the net annual value
    5. Interest payable on borrowed capital – Interest amount paid for the year on the Housing loan borrowed for the property
    6. 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

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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.

Part D – Computation of Tax Payable

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  • 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

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  • Provide the bank account details held under the particular PAN
  • Select any one account for refund purpose (if applicable)

Schedule – IT

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Details of any Advance tax and Self-assessment tax paid by self.

Schedule – TDS details of TDS/TCS

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Details of TDS/TCS as provided in Form 16/ 16A/27D or in Form 26AS.

Verification

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  • Self-declaration by the assessee
  • If the return is filed by Tax return preparer (TRP) then provide the details of TRP.

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Read more: A guide to ITR 1