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ITR1 SAHAJ FOR FY 2021-22(AY2022-23)
BUDGET PROPOSALS FOR FY 2020-21 BY FM Ms NIRMALASITHARAMAN ON 02.02.2020
TO VIEW/HEAR THE SPEECH ,CLICK HERE
TO VIEW/HEAR THE SPEECH ,CLICK HERE
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
Do you know ? There are 11 Tax rebates you can claim while submitting IT Returns , when when you have not even made any fresh investments .
DO YOU KNOW ? : Senior citizens can claim Tax Rebate under section 80D even without having paid health insurance premium .
For details of such rebates , CLICK HERE
DO YOU KNOW ? : Senior citizens can claim Tax Rebate under section 80D even without having paid health insurance premium .
For details of such rebates , CLICK HERE
WHO HAS TO FILE IT RETURNS ?
Every individual or Hindu Undivided Family ( HUF ) is obliged to submit Income Tax returns if they meet following criterion .
1. Income exceeding Rs 2,50,000 in case of individuals below 60 years
2. Income exceeding Rs 3,00,000 in case of individuals above 60 years and below 80 years
3. Income exceeding Rs 5,00,000 in case of individuals above 80 years
Note : Income means total income in the financial year 2020-21 before allowing deductions under chapter VI -A of Income tax act .
Further you have to submit your IT Return if you have
1. expended more than Rs. 2 lakh on foreign travel or
2. paid more than Rs. 1 lakh on electricity consumption in a year
3. deposited more than Rs. 1 crore in a current account in a year,
even if your income is less than the threshold limit .
1. Income exceeding Rs 2,50,000 in case of individuals below 60 years
2. Income exceeding Rs 3,00,000 in case of individuals above 60 years and below 80 years
3. Income exceeding Rs 5,00,000 in case of individuals above 80 years
Note : Income means total income in the financial year 2020-21 before allowing deductions under chapter VI -A of Income tax act .
Further you have to submit your IT Return if you have
1. expended more than Rs. 2 lakh on foreign travel or
2. paid more than Rs. 1 lakh on electricity consumption in a year
3. deposited more than Rs. 1 crore in a current account in a year,
even if your income is less than the threshold limit .
WHO CAN FILE ITR1 FOR AY 2021-22 ? ITR1 FOR WHOM ?
ITR1 SAHAJ Form is to be used by an individual
a. who is a resident other than not ordinarily resident,
b. whose total income for the Assessment Year 2021-22 does not exceed Rs. 50 lakh and
c. who has income under the following heads:-
(a) Income from Salary/ Pension; or
(b) Income from One House Property; or
(c) Interest income and/ or family pension taxable under Other Sources.
(d ) Agricultural income not exceeding Rs 5,000
NOTE: Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.
a. who is a resident other than not ordinarily resident,
b. whose total income for the Assessment Year 2021-22 does not exceed Rs. 50 lakh and
c. who has income under the following heads:-
(a) Income from Salary/ Pension; or
(b) Income from One House Property; or
(c) Interest income and/ or family pension taxable under Other Sources.
(d ) Agricultural income not exceeding Rs 5,000
NOTE: Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.
WHO IS NOT ELIGIBLE TO SUBMIT ITR1 ?
A. This Return Form should not be used by an individual who –
(a) is a Director in a company;
(b) has held any unlisted equity shares at any time during the previous year;
(c) has any asset (including financial interest in any entity) located outside India;
(d) has signing authority in any account located outside India; or
(e) has income from any source outside India.
B. This return form also cannot be used by an individual who has any income of the following nature during the previous year:-
(a) Profits and gains from business and professions;
(b) Capital gains;
(c) Income from more than one house property;
(d) Income under the head other sources which is of following nature:-
(i) winnings from lottery;
(ii) activity of owning and maintaining race horses;
(iii) income taxable at special rates under section 115BBDA or section 115BBE;
(e) Income to be apportioned in accordance with provisions of section 5A; or
(f) Agricultural income in excess of ₹5,000.
C. Further, this return form also cannot be used by an individual who has any claims of loss/deductions/relief/tax credit etc. of the following nature:-
(a) any brought forward loss or loss to be carried forward under the head ‘Income from house property’;
(b) loss under the head ‘Income from other sources’;
(c) any claim of relief under section 90 and/or section 91;
(d) any claim of deduction under section 57, other than deduction under clause (iia) thereof (relating to family pension); or
(e) any claim of credit of tax deducted at source in the hands of any other person.
If you are not eligible to file ITR1 , CLICK HERE to find which ITR FORM YOU CAN SUBMIT
(a) is a Director in a company;
(b) has held any unlisted equity shares at any time during the previous year;
(c) has any asset (including financial interest in any entity) located outside India;
(d) has signing authority in any account located outside India; or
(e) has income from any source outside India.
B. This return form also cannot be used by an individual who has any income of the following nature during the previous year:-
(a) Profits and gains from business and professions;
(b) Capital gains;
(c) Income from more than one house property;
(d) Income under the head other sources which is of following nature:-
(i) winnings from lottery;
(ii) activity of owning and maintaining race horses;
(iii) income taxable at special rates under section 115BBDA or section 115BBE;
(e) Income to be apportioned in accordance with provisions of section 5A; or
(f) Agricultural income in excess of ₹5,000.
C. Further, this return form also cannot be used by an individual who has any claims of loss/deductions/relief/tax credit etc. of the following nature:-
(a) any brought forward loss or loss to be carried forward under the head ‘Income from house property’;
(b) loss under the head ‘Income from other sources’;
(c) any claim of relief under section 90 and/or section 91;
(d) any claim of deduction under section 57, other than deduction under clause (iia) thereof (relating to family pension); or
(e) any claim of credit of tax deducted at source in the hands of any other person.
If you are not eligible to file ITR1 , CLICK HERE to find which ITR FORM YOU CAN SUBMIT
FREE IT RETURNS ON-LINE FILING
There are various portals services of which you can use and file IT Returns without paying any fees .
1. https://portal.incometaxindiaefiling.gov.in/ : The first and foremost website of income tax department of government of India . The website is authentic , official and absolutely free of charge . We have below explained how to submit IT Retirns ITR1, ITR2, ITR3 & ITR4 on-line . Website also supplies pre-filled forms which can be used for filing the returns
2. https://cleartax.in/ : The website facilitates submission of ITRs without any charges for its basic usage . Here you can upload Form 16 and Form 26AS and submit ITR1 only . The website has both free and paid services and you may have to use their paid services if you have other sources of Income other than salary or pension
3. https://www.taxsmile.com/ : Basic submission / DIY is free and assisted services are available on payment of a fee . Fee starts with Rs 499 + tax .
4. https://myitreturn.com/ : The assisted services for Income tax return filing starts with of fee rs 175 + tax onward . The portal also has mobile app which can be downloaded free and used for submitting IT Returns .
5. https://eztax.in/ : Self service on the website is free and assisted services start from Rs 599 + tax
6 . https://www.taxspanner.com/ : The fee starts from Rs 99 onward .
7. https://tax2win.in/ : Self filing on the website is free and assisted filing starts with a price of Rs 549 + tax
We have not independently verified the quality , efficiency and data security of such private websites .
1. https://portal.incometaxindiaefiling.gov.in/ : The first and foremost website of income tax department of government of India . The website is authentic , official and absolutely free of charge . We have below explained how to submit IT Retirns ITR1, ITR2, ITR3 & ITR4 on-line . Website also supplies pre-filled forms which can be used for filing the returns
2. https://cleartax.in/ : The website facilitates submission of ITRs without any charges for its basic usage . Here you can upload Form 16 and Form 26AS and submit ITR1 only . The website has both free and paid services and you may have to use their paid services if you have other sources of Income other than salary or pension
3. https://www.taxsmile.com/ : Basic submission / DIY is free and assisted services are available on payment of a fee . Fee starts with Rs 499 + tax .
4. https://myitreturn.com/ : The assisted services for Income tax return filing starts with of fee rs 175 + tax onward . The portal also has mobile app which can be downloaded free and used for submitting IT Returns .
5. https://eztax.in/ : Self service on the website is free and assisted services start from Rs 599 + tax
6 . https://www.taxspanner.com/ : The fee starts from Rs 99 onward .
7. https://tax2win.in/ : Self filing on the website is free and assisted filing starts with a price of Rs 549 + tax
We have not independently verified the quality , efficiency and data security of such private websites .
DOCUMENTS REQUIRED TO FILE ITR1 SAHAJ FOR SALARIED PERSONS / PENSIONERS
NECESSARY DOCUMENTS TO BE OBTAINED BEFORE FILING IT RETURNS
Due Date for filing IT Returns for individuals for FY 2021-22 is 31st , July 2022 .
a. You require following documents before starting to fill up IT Returns or to verify pre-filled IT Returns prepared by the income tax department . As some time is required to collect from the relevant issuers , you may contact them at the earliest if you have not obtained so far . If you don't have AADHAR , APPLY NOW AND OBTAIN ENROLLMENT ID OF AADHAR APPLICATION
1. Your AADHAR NUMBER / CARD
2.Salary certificate / Form 16 issued by employer in the new format ,
3.Interest certificates issued by your banks for the deposits / education loans and housing loans etc
4. Life Insurance premium certificates , health Insurance premium paid certificates ,
5. Bank account statements for housing loans and savings bank accounts etc
6. TDS Certificates from employers / Deposit holders
7. Form 26 AS which shows the tax amount already credited to your account
8. Copy of last year return submitted .
9.Your bank name , account number and IFSC code of the bank branch .
10. quarter wise information on Divedends received .
11 . Any other relevant documents if you have any other income
b. Link your Aadhar number to income tax e-filing website
C. Verify Taxes paid already in Form 26AS and confirm that all tax deducted for you by your employer / bank as given in Form 16 or Salary receipt is credited to your account with income tax department . You can view 26 AS ( Tax Credit ) in the income tax department's website by logging in .
d. Tax returns are made simple now . If you are eligible to file IT Returns ITR 1 (SAHAJ ) , you can now prepare and submit on line itself on the income tax e-filing website or you may just verify the pre-filled form available on-line . You may yourself file on line or use or utilise the service of Tax Return Preparers ( TRPS ) authorised by Income Tax Department , if you are not confident of using the on -line services . Otherwise you may use your chartered accounts for the job .
You should keep following details handy for yourself / your employer and your tenant
Your Details
1. Aadhar Number
2. Mobile Number
3. E-mail address
4. Residential Address
5. Passport Number ( If you have passport )
Other Details :
A. Have you deposited more than Rs 1.00 crore in bank accounts ?
B. Have you incurred more than Rs 2.00 lakhs for Foreign Travel ?
C. Have you spent more than Rs 1.00 lakh on electricity consumption
(All the limits of outgo for the entire year ) For persons with salary income :
6. Details of your Employer
a. TAN Number of the Employer
b. Name of the Employer
c. Nature of Employer
d. Address of the Employer
7. Details of all bank accounts held any time during the year
a. IFSC Code of the bank
b.Name of the bank
c. Account number
7. If you have let out a property
a. Address of the property
b Details of the tenant
1. Name of the Tenant
2. Tenant's Aadhaar Number
3. Tenant's PAN Number
The benefits of filing tax returns early is
1. You will have sufficient time to collect relevant documents , prepare , cross check and then submit . You can reduce errors .
2. As the income tax servers would be relatively free , last minute slowdown of computers due to heavy rush for submissions .
3. Processing of your returns by IT department would be faster and you will get refunds faster .
4. You will be avoiding penalties , interest etc levied on belated submission .
So take steps now to have advantages of filing IT Returns early
Due Date for filing IT Returns for individuals for FY 2021-22 is 31st , July 2022 .
a. You require following documents before starting to fill up IT Returns or to verify pre-filled IT Returns prepared by the income tax department . As some time is required to collect from the relevant issuers , you may contact them at the earliest if you have not obtained so far . If you don't have AADHAR , APPLY NOW AND OBTAIN ENROLLMENT ID OF AADHAR APPLICATION
1. Your AADHAR NUMBER / CARD
2.Salary certificate / Form 16 issued by employer in the new format ,
3.Interest certificates issued by your banks for the deposits / education loans and housing loans etc
4. Life Insurance premium certificates , health Insurance premium paid certificates ,
5. Bank account statements for housing loans and savings bank accounts etc
6. TDS Certificates from employers / Deposit holders
7. Form 26 AS which shows the tax amount already credited to your account
8. Copy of last year return submitted .
9.Your bank name , account number and IFSC code of the bank branch .
10. quarter wise information on Divedends received .
11 . Any other relevant documents if you have any other income
b. Link your Aadhar number to income tax e-filing website
C. Verify Taxes paid already in Form 26AS and confirm that all tax deducted for you by your employer / bank as given in Form 16 or Salary receipt is credited to your account with income tax department . You can view 26 AS ( Tax Credit ) in the income tax department's website by logging in .
d. Tax returns are made simple now . If you are eligible to file IT Returns ITR 1 (SAHAJ ) , you can now prepare and submit on line itself on the income tax e-filing website or you may just verify the pre-filled form available on-line . You may yourself file on line or use or utilise the service of Tax Return Preparers ( TRPS ) authorised by Income Tax Department , if you are not confident of using the on -line services . Otherwise you may use your chartered accounts for the job .
You should keep following details handy for yourself / your employer and your tenant
Your Details
1. Aadhar Number
2. Mobile Number
3. E-mail address
4. Residential Address
5. Passport Number ( If you have passport )
Other Details :
A. Have you deposited more than Rs 1.00 crore in bank accounts ?
B. Have you incurred more than Rs 2.00 lakhs for Foreign Travel ?
C. Have you spent more than Rs 1.00 lakh on electricity consumption
(All the limits of outgo for the entire year ) For persons with salary income :
6. Details of your Employer
a. TAN Number of the Employer
b. Name of the Employer
c. Nature of Employer
d. Address of the Employer
7. Details of all bank accounts held any time during the year
a. IFSC Code of the bank
b.Name of the bank
c. Account number
7. If you have let out a property
a. Address of the property
b Details of the tenant
1. Name of the Tenant
2. Tenant's Aadhaar Number
3. Tenant's PAN Number
The benefits of filing tax returns early is
1. You will have sufficient time to collect relevant documents , prepare , cross check and then submit . You can reduce errors .
2. As the income tax servers would be relatively free , last minute slowdown of computers due to heavy rush for submissions .
3. Processing of your returns by IT department would be faster and you will get refunds faster .
4. You will be avoiding penalties , interest etc levied on belated submission .
So take steps now to have advantages of filing IT Returns early
HOW TO FILE ITR1 SAHAJ IN THE NEW INCOME TAX EFILING SITE ?
HOW TO FILE ON LINE IN THE NEW INCOME TAX E-FILING WEBSITE ?
The general procedure for submitting on-line in the new website is explained below :
HOW TO FILE ON LINE ON INCOME TAX E-FILING WEBSITE ?
1. GO TO NEW INCOME TAX E-FILING WEBSITE
2. IF REGISTERED ALREADY , LOGIN USING YOUR PAN NUMBER AND PASSWORD ( OLD PASSWORD USED IN THE EARLIER SITE IS VALID HERE ALSO ) . OTHERWISE REGISTER WITH YOUR PAN NUMBER
3. Link PAN and Aadhaar , if not already linked
4. Pre-validate at least one bank account and nominate it for refund (recommended)
5. Link your mobile number with Aadhaar / e-Filing portal / your bank / NSDL / CDSL (for e-Verification)
6. Income Tax forms would be prefilled by the Income Tax Department from the fy 2020-21 onwards . All you have to do is to verify the correctness of data before submitting .
7. You can file and submit your ITR through the following methods:
Online Mode – through e-Filing portal
Offline Mode – through Offline Utility
How to submit the IT returns on the e-filing website ?
a . Log in to the e-Filing portal using your user ID ( PAN Number ) and password.
b. On your Dashboard, click e-File > Income Tax Returns > File Income Tax Return.
c. In the next screen , Select Assessment Year as 2021– 22 and click Continue. and Filing return as 139( 1) original .
d. In the next screen , Select Mode of Filing as Online and click Proceed.
e. If You have not saved any drafts earlier , proceed click Let’s Get Started
f. In the next screen , select Individual for filing your personal income tax return .
g. In the next screen , Select the ITR 1
h. Then proceed with ITR1 form .
i. Keep necessary documents with you for filling up the form and cross verifying the information available in the form . For the list of such documents , go to the following paragraph .
j. Please answer the question why you are filing the IT return . Reasons can be
a. Taxable income is more than basic exemption limit
b. Filing return of income due to fulfilling any one or more below mentioned conditions as per Seventh Proviso to section 139(1):Filing return of income
b1 . Deposited amount or aggregate of amounts exceeding ₹ 1 crore in one or more current accounts during the previous year;
b2. Incurred expenditure of an amount or aggregate of amount exceeding ₹ 2 lakhs for travel to a foreign country for yourself or for any other person;
b3. Incurred expenditure of amount or aggregate of amount exceeding ₹ 1 lakh on consumption of electricity during the previous year
b4 Are you required to file a return as per other conditions prescribed under clause (iv) of seventh proviso to section 139(1 )
k . You will be guided to pre-filled form and you have to validate the information therein :
Personal information : Profile , contact address , nature of employment ( Retirees have to mention what type of pensioners they are whether government or PSU or other etc ) , Filing section 139(1) .
l. You also have to mention whether you are opting for 115bac or not ( Before filling just check which is beneficial for you old tax regime with rebates or new simplified system with lower tax rates and without any rebates . Before answering , check which is beneficial for you by going to our webpage and finding the answer yourself
m . Now you confirm the personal information available / you have opted to .
n . Go to Gross Total income , check individual incomes and confirm the correctness of the entries .
o. Fill the deductions you are eligible under various rebates like 80C , 80d or others .
p. Confirm the total deductions you are eligible for .
q. Check the tax paid details and confirm .
r. Once you confirm total income , total deductions and tax paid so far , your tax payable amount will be shown .
s . Either you can pay now or pay later .
If you opt to Pay Later, you can make the payment after filing your Income Tax Return, but there is a risk of being considered as an assessee in default, and liability to pay interest on tax payable may arise.
l. Go and pay tax
m. After paying tax, click Preview Return. If there is no tax liability payable, or if there is a refund based on tax computation, you will be taken to the Preview and Submit Your Return page.
n. On the Preview and Submit Your Return page, enter Place, select the declaration checkbox and click Proceed to Validation.
o. On the Complete your Verification page, select your preferred option of verifying immediately or later and click Continue.
p.
Refer to How to e-Verify user manual to learn more.
If you select Verify via ITR-V, you need to send a signed physical copy of your ITR-V to Centralized Processing Center, Income Tax Department, Bengaluru 560500 by normal / speed post within 120 days.
Please make sure you have pre-validated your bank account so that any refunds due maybe credited to your bank account.
q. Once you e-Verify your return, a success message is displayed along with the Transaction ID and Acknowledgment Number. You will also receive a confirmation message on your mobile number and email ID registered on the e-Filing portal.
IMPORTANT NOTES :
1. Employers , banks , Stock holding companies , mutual funds etc have still time for submitting their data / information .
2. Hence form 26AS and pre-filled IT Return forms can undergo changes . Mostly Form 26AS has got information as on 18.04.2022 , all the details up to December 2021 only .
3. Hence it is prudent to wait for updating form 26as before filing IT Returns .
4. Last date to file is 31st ,July 2022
The general procedure for submitting on-line in the new website is explained below :
HOW TO FILE ON LINE ON INCOME TAX E-FILING WEBSITE ?
1. GO TO NEW INCOME TAX E-FILING WEBSITE
2. IF REGISTERED ALREADY , LOGIN USING YOUR PAN NUMBER AND PASSWORD ( OLD PASSWORD USED IN THE EARLIER SITE IS VALID HERE ALSO ) . OTHERWISE REGISTER WITH YOUR PAN NUMBER
3. Link PAN and Aadhaar , if not already linked
4. Pre-validate at least one bank account and nominate it for refund (recommended)
5. Link your mobile number with Aadhaar / e-Filing portal / your bank / NSDL / CDSL (for e-Verification)
6. Income Tax forms would be prefilled by the Income Tax Department from the fy 2020-21 onwards . All you have to do is to verify the correctness of data before submitting .
7. You can file and submit your ITR through the following methods:
Online Mode – through e-Filing portal
Offline Mode – through Offline Utility
How to submit the IT returns on the e-filing website ?
a . Log in to the e-Filing portal using your user ID ( PAN Number ) and password.
b. On your Dashboard, click e-File > Income Tax Returns > File Income Tax Return.
c. In the next screen , Select Assessment Year as 2021– 22 and click Continue. and Filing return as 139( 1) original .
d. In the next screen , Select Mode of Filing as Online and click Proceed.
e. If You have not saved any drafts earlier , proceed click Let’s Get Started
f. In the next screen , select Individual for filing your personal income tax return .
g. In the next screen , Select the ITR 1
h. Then proceed with ITR1 form .
i. Keep necessary documents with you for filling up the form and cross verifying the information available in the form . For the list of such documents , go to the following paragraph .
j. Please answer the question why you are filing the IT return . Reasons can be
a. Taxable income is more than basic exemption limit
b. Filing return of income due to fulfilling any one or more below mentioned conditions as per Seventh Proviso to section 139(1):Filing return of income
b1 . Deposited amount or aggregate of amounts exceeding ₹ 1 crore in one or more current accounts during the previous year;
b2. Incurred expenditure of an amount or aggregate of amount exceeding ₹ 2 lakhs for travel to a foreign country for yourself or for any other person;
b3. Incurred expenditure of amount or aggregate of amount exceeding ₹ 1 lakh on consumption of electricity during the previous year
b4 Are you required to file a return as per other conditions prescribed under clause (iv) of seventh proviso to section 139(1 )
k . You will be guided to pre-filled form and you have to validate the information therein :
Personal information : Profile , contact address , nature of employment ( Retirees have to mention what type of pensioners they are whether government or PSU or other etc ) , Filing section 139(1) .
l. You also have to mention whether you are opting for 115bac or not ( Before filling just check which is beneficial for you old tax regime with rebates or new simplified system with lower tax rates and without any rebates . Before answering , check which is beneficial for you by going to our webpage and finding the answer yourself
m . Now you confirm the personal information available / you have opted to .
n . Go to Gross Total income , check individual incomes and confirm the correctness of the entries .
o. Fill the deductions you are eligible under various rebates like 80C , 80d or others .
p. Confirm the total deductions you are eligible for .
q. Check the tax paid details and confirm .
r. Once you confirm total income , total deductions and tax paid so far , your tax payable amount will be shown .
s . Either you can pay now or pay later .
If you opt to Pay Later, you can make the payment after filing your Income Tax Return, but there is a risk of being considered as an assessee in default, and liability to pay interest on tax payable may arise.
l. Go and pay tax
m. After paying tax, click Preview Return. If there is no tax liability payable, or if there is a refund based on tax computation, you will be taken to the Preview and Submit Your Return page.
n. On the Preview and Submit Your Return page, enter Place, select the declaration checkbox and click Proceed to Validation.
o. On the Complete your Verification page, select your preferred option of verifying immediately or later and click Continue.
p.
Refer to How to e-Verify user manual to learn more.
If you select Verify via ITR-V, you need to send a signed physical copy of your ITR-V to Centralized Processing Center, Income Tax Department, Bengaluru 560500 by normal / speed post within 120 days.
Please make sure you have pre-validated your bank account so that any refunds due maybe credited to your bank account.
q. Once you e-Verify your return, a success message is displayed along with the Transaction ID and Acknowledgment Number. You will also receive a confirmation message on your mobile number and email ID registered on the e-Filing portal.
IMPORTANT NOTES :
1. Employers , banks , Stock holding companies , mutual funds etc have still time for submitting their data / information .
2. Hence form 26AS and pre-filled IT Return forms can undergo changes . Mostly Form 26AS has got information as on 18.04.2022 , all the details up to December 2021 only .
3. Hence it is prudent to wait for updating form 26as before filing IT Returns .
4. Last date to file is 31st ,July 2022
DETAILS TO BE VERIFIED IN ITR1 SAHAJ FOR FY 2021-22
ITR1 Sahaj for Fy 2021-22 ( ay 2022-23 ) has 5 sections in it . They are
1. Personal Information
2. Gross Total Income
3. Total Deductions
4. Tax Paid
5. Total Tax Liability
1. VERIFY PERSONAL INFORMATION : This section will have following sub-sections :
1 Profile
2 Filing section
3. Are you opting for New or Old Regime ? ( Read below section carefully to note the implications of your answer )
4. Bank Details
You need to verify the pre-filled data which is auto-filled from your e-Filing profile. You will not be able to edit some of your personal data directly in the form. However, you can make the necessary changes by going to your e-Filing profile. You can edit your contact details, filing type details and bank details in the form.
2. VERIFY YOUR INCOME SOURCE DETAILS :
The details of your income already reported by your employers , banks , mutual funds & others would be pre-filled here from Form 26AS. You have to verify the correctness of the data . If there are errors , take up with respective organization . if you have any other income , you may add
3. VERIFY DEDUCTIONS CLAIMED :
If income tax departments knows about your tax exempt investments , for example through Form 16 , they would have pre-filled the section . However you may all the deductions & rebates you are allowed if deductions are not shown .
4. VERIFY TAX PAID :
Details of tax deducted at source , as reported in Form 26AS , would be shown here . Check all the taxes deducted by your employer or bank is properly credited to your account . if not take up with the concerned .
5. VERIFY TAX COMPUTATION :
The section will contain your total income tax liability as computed from the information available from earlier section .
Once you confirm , you may submit the form by going to income tax returns > file income tax returns . Choose ay as 1921-22 and select
filing type as on-line .
IMPORTANT NOTES :
1. Personal Information
2. Gross Total Income
3. Total Deductions
4. Tax Paid
5. Total Tax Liability
1. VERIFY PERSONAL INFORMATION : This section will have following sub-sections :
1 Profile
2 Filing section
3. Are you opting for New or Old Regime ? ( Read below section carefully to note the implications of your answer )
4. Bank Details
You need to verify the pre-filled data which is auto-filled from your e-Filing profile. You will not be able to edit some of your personal data directly in the form. However, you can make the necessary changes by going to your e-Filing profile. You can edit your contact details, filing type details and bank details in the form.
2. VERIFY YOUR INCOME SOURCE DETAILS :
The details of your income already reported by your employers , banks , mutual funds & others would be pre-filled here from Form 26AS. You have to verify the correctness of the data . If there are errors , take up with respective organization . if you have any other income , you may add
3. VERIFY DEDUCTIONS CLAIMED :
If income tax departments knows about your tax exempt investments , for example through Form 16 , they would have pre-filled the section . However you may all the deductions & rebates you are allowed if deductions are not shown .
4. VERIFY TAX PAID :
Details of tax deducted at source , as reported in Form 26AS , would be shown here . Check all the taxes deducted by your employer or bank is properly credited to your account . if not take up with the concerned .
5. VERIFY TAX COMPUTATION :
The section will contain your total income tax liability as computed from the information available from earlier section .
Once you confirm , you may submit the form by going to income tax returns > file income tax returns . Choose ay as 1921-22 and select
filing type as on-line .
IMPORTANT NOTES :
SELECT BETWEEN OLD AND NEW TAX REGIMES
While filing IT Returns , there is a question : Are you opting for new tax regime u/s 115BAC ? Yes No
Before filling just check which is beneficial for you old tax regime with rebates or new simplified system with lower tax rates and without any rebates . Before answering , check which is beneficial for you by going to our webpage and finding the answer yourself
Before filling just check which is beneficial for you old tax regime with rebates or new simplified system with lower tax rates and without any rebates . Before answering , check which is beneficial for you by going to our webpage and finding the answer yourself
SOME IMPORTANT POINTS TO BE NOTED WHILE FILLING ITR1
1. Name should be as per PAN card
2. NATURE OF EMPLOYMENT :
Please tick the applicable check box-
(a) If you are a Central Government Employee, tick 'Central Govt'
(b) If you are a State Government Employee, tick 'State Govt'
(c) If you are an employee of Public Sector Enterprise (whether Central or State Government), tick 'Public
Sector Undertaking'
(d) If you are drawing pension, tick 'Pensioners'
(e) If you are an employee of Private Sector concern, tick 'Others'
(f) If you have income from Family Pension, etc., tick ‘Not applicable’
SALARY DETAILS :
List of types of salary payment :-
1. Basic Salary
2. Dearness Allowance (DA)
3. Conveyance Allowance
4. House Rent Allowance (HRA)
5. Leave Travel Allowance (LTA)
6. Children Education Allowance (CEA)
7.
7. Other Allowance
8. The Contribution made by the employer towards pension
scheme as referred under section 80CCD
9. Amount deemed to be income under rule 6 of Part-A of
Fourth Schedule
10. Amount deemed to be income under rule 11(4) of Part-A of
Fourth Schedule
11. Annuity or pension
12. Commuted Pension
13. Gratuity
14. Fees/ commission
15. Advance of salary
16. Leave Encashment
17. Others (please enter the details in the text box)
In case of doubt in filling any column , you may take the help of clarifications given by the IT Department ,
by CLICKING HERE
1. Name should be as per PAN card
2. NATURE OF EMPLOYMENT :
Please tick the applicable check box-
(a) If you are a Central Government Employee, tick 'Central Govt'
(b) If you are a State Government Employee, tick 'State Govt'
(c) If you are an employee of Public Sector Enterprise (whether Central or State Government), tick 'Public
Sector Undertaking'
(d) If you are drawing pension, tick 'Pensioners'
(e) If you are an employee of Private Sector concern, tick 'Others'
(f) If you have income from Family Pension, etc., tick ‘Not applicable’
SALARY DETAILS :
List of types of salary payment :-
1. Basic Salary
2. Dearness Allowance (DA)
3. Conveyance Allowance
4. House Rent Allowance (HRA)
5. Leave Travel Allowance (LTA)
6. Children Education Allowance (CEA)
7.
7. Other Allowance
8. The Contribution made by the employer towards pension
scheme as referred under section 80CCD
9. Amount deemed to be income under rule 6 of Part-A of
Fourth Schedule
10. Amount deemed to be income under rule 11(4) of Part-A of
Fourth Schedule
11. Annuity or pension
12. Commuted Pension
13. Gratuity
14. Fees/ commission
15. Advance of salary
16. Leave Encashment
17. Others (please enter the details in the text box)
In case of doubt in filling any column , you may take the help of clarifications given by the IT Department ,
by CLICKING HERE
MATCHING OF FORM 26AS WITH YOUR IT RETURNS
It is important to match the information in Form 26AS with the information you provide in the Income tax returns as any mismatch may attract lengthy / unwanted correspondence with the income Tax department later . Now Income Tax department will assist you with pre-filled forms for FY 2021-22 in their new e-filing portal . This will be backed with the information they receive which will also reflect in Form 26as . Hence it becomes easier for you to match the information in your IT returns with that of Form 26as .
.
To know how to download Form 26AS in the new website , CLICK HERE
It is important to match the information in Form 26AS with the information you provide in the Income tax returns as any mismatch may attract lengthy / unwanted correspondence with the income Tax department later . Now Income Tax department will assist you with pre-filled forms for FY 2021-22 in their new e-filing portal . This will be backed with the information they receive which will also reflect in Form 26as . Hence it becomes easier for you to match the information in your IT returns with that of Form 26as .
.
To know how to download Form 26AS in the new website , CLICK HERE
HOW TO E-PAY INCOME TAX ?
Procedure for e-payment of Income Tax :
Step-1
To pay taxes online, login to NSDL WEBSITE :
Step-2
Select the relevant challan i.e. ITNS 280 and proceed
Step-3
Enter PAN / TAN (as applicable) and other mandatory challan details like accounting head under which payment is made, address of the tax payer and the bank through which payment is to be made etc.
Step-4
On submission of data entered, a confirmation screen will be displayed. If PAN / TAN is valid as per the ITD PAN / TAN master, then the full name of the taxpayer as per the master will be displayed on the confirmation screen.
Step-5
On confirmation of the data so entered, the taxpayer will be directed to the net-banking site of the bank.
Step-6
The taxpayer has to login to the net-banking site with the user id / password provided by the bank for net-banking purpose and enter payment details at the bank site.
Step-7
On successful payment a challange counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.
Procedure for e-payment of Income Tax :
Step-1
To pay taxes online, login to NSDL WEBSITE :
Step-2
Select the relevant challan i.e. ITNS 280 and proceed
Step-3
Enter PAN / TAN (as applicable) and other mandatory challan details like accounting head under which payment is made, address of the tax payer and the bank through which payment is to be made etc.
Step-4
On submission of data entered, a confirmation screen will be displayed. If PAN / TAN is valid as per the ITD PAN / TAN master, then the full name of the taxpayer as per the master will be displayed on the confirmation screen.
Step-5
On confirmation of the data so entered, the taxpayer will be directed to the net-banking site of the bank.
Step-6
The taxpayer has to login to the net-banking site with the user id / password provided by the bank for net-banking purpose and enter payment details at the bank site.
Step-7
On successful payment a challange counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.
Submission of IT Return is not complete without verifying the same .For various ways of verification ,CLICK HERE
INCOME TAX DEPARTMENT WARNS SALARIED PERSONS AGAINST WRONG DECLARATIONS WHILE FILING OF IT RETURNS :
As per amended section 270A of Income Tax act , mis-reporting of income may be fined 50 % of tax payable and it can go up to 200% if it is judged as concealment of income .
For 270A section of IT Act , CLICK HERE and fill 270A in section column
As per amended section 270A of Income Tax act , mis-reporting of income may be fined 50 % of tax payable and it can go up to 200% if it is judged as concealment of income .
For 270A section of IT Act , CLICK HERE and fill 270A in section column
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FOR READING ARTICLE TAX ON RETIREMENT BENEFITS , CLICK HERE
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE
FINANCIAL PLANNING FOR YOUNG , CLICK HERE HOW TO LINK AADHAR WITH PAN ? CLICK HERE
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE
FINANCIAL PLANNING FOR YOUNG , CLICK HERE HOW TO LINK AADHAR WITH PAN ? CLICK HERE
IMPORTANCE OF FILING RETURNS WITHIN DUE DATE
The Due date for submission of above returns fixed for the Financial Year 2021-22 is now 31.07.2022 . However ,it is advisable to file as early as possible to avoid last moment scramble to get relevant papers / details for filing the same .
Delay in filing the return of income may attract certain adverse consequences. Following are the consequences of delay in filing the return of income:
1 . Loss (other than loss under the head “Income from house property”) cannot be carried forward.
2. Levy of interest under section 234A.
3 . Levy of fee under section 234F*
4. Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed in section 139(1) then he is required to pay Rs. 5000 if return is furnished on or before 31 December of assessment year.
However, if total income of the person does not exceeds Rs. 5 lakh then fee payable shall be Rs. 1000.
Delay in filing the return of income may attract certain adverse consequences. Following are the consequences of delay in filing the return of income:
1 . Loss (other than loss under the head “Income from house property”) cannot be carried forward.
2. Levy of interest under section 234A.
3 . Levy of fee under section 234F*
4. Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed in section 139(1) then he is required to pay Rs. 5000 if return is furnished on or before 31 December of assessment year.
However, if total income of the person does not exceeds Rs. 5 lakh then fee payable shall be Rs. 1000.
E-VERIFICATION OF RETURNS FILED THROUGH E -FILING
Submission of IT Return is not complete without verifying the same . For various ways of verification , CLICK HERE
FOR READING ARTICLE TAX ON RETIREMENT BENEFITS , CLICK HERE
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE
FINANCIAL PLANNING FOR YOUNG, CLICK HERE
We value your opinions , comments and suggestions. We shall be happy to your feedback on the contents of the Article . For Feedback form , CLICK HERE
THIS ARTICLE CARRIES INFORMATION ON VARIOUS TAX PROVISIONS WHICH ARE GENERALLY USEFUL .YET IT DOES NOT CARRY ALL THE PROVISIONS AND HENCE YOU ARE ADVISED TO GO THROUGH INCOME TAX DEPARTMENT WEBSITES FOR AUTHENTIC COMPLETE INFORMATION . ESPECIALLY THOSE WHO HAVE GOT MULTIPLE STREAMS OF INCOME OR COMPLEX INVESTMENTS MAY CONSULT A QUALIFIED TAX CONSULTANT / CHARTERED ACCOUNTANT FOR ANY CLARIFICATION. READERS ARE ALSO WELCOME TO SEND FEEDBACK . YOU CAN DOWNLOAD THE FORM HERE . WE ARE OPEN FOR CORRECTION IF NEEDED
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