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Taxmann’s

Taxmann’s

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  1. ©Taxmann/Dr. Vinod K. Singhania Taxmann’s TAX PAYERS’ PRESENTATION RETURN OF INCOME [ITR - 1] By Dr. Vinod K. Singhania

  2. Form ITR - 1 INDIAN INCOME TAX RETURN [For individuals having income from salary/ pension/ family pension and interest] ©Taxmann/Dr. Vinod K. Singhania

  3. Points to be noted while filing ITR-1 in paper format • No document (including TDS certificate) should be attached to this form. • Please fill acknowledgement slip and then submit the return. • The return form is not required to be filed in duplicate. ©Taxmann/Dr. Vinod K. Singhania

  4. Modes of filing Income-tax return ITR-1 ©Taxmann/Dr. Vinod K. Singhania

  5. Personal information Write 10 digit PAN, please ensure that first five letters of PAN are alpha and next four letters are numeric and the last one is alpha. For, e.g., – AMUPK0123N Write middle name (If no middle name leave blank) Write surname Write first name ©Taxmann/Dr. Vinod K. Singhania

  6. Personal information Write Flat/Door/ Block No. Write Premises/ Building/ Village Write Area/ Locality Write Road/ Street/ Post Office Write Town/ City/ District Write 6 digit PIN Code Write State name ©Taxmann/Dr. Vinod K. Singhania

  7. Personal information Write Employer Category Write Date of Birth Optional Optional Write Gender ©Taxmann/Dr. Vinod K. Singhania

  8. Write Ward/ Circle Filing status Description Code Voluntarily before the due date 11 Voluntarily after the due date 12 In response to notice under section 142(1) 13 In response to notice under section 148 14 In response to notice under section 153A 15 ©Taxmann/Dr. Vinod K. Singhania

  9. Filing status If it is not revised return tick on original. Tick the residential status. A person is resident if he is in India in the previous year for 182 days or more. ©Taxmann/Dr. Vinod K. Singhania

  10. Income and deductions • It can be taken from Form No. 16 given by the employer. • Alternatively it is calculated as follows – Salary XXX Allowances XXX Perquisites XXX Gross salary XXX Less : Deduction under section 16 Standard deduction [Sec. 16(i)] Nil Entertainment allowance deduction [Sec. 16(ii)] XXX Professional tax [Sec. 16(iii)] XXX Income under the head “Salaries” XXX ©Taxmann/Dr. Vinod K. Singhania

  11. Income and deductions In case of family pension Standard deduction = 331/3% or Rs. 15,000 lower of these to be deducted and net amount to be shown as family pension. “Family pension” means regular monthly amount payable by employer to a person belonging to family of deceased employee. ©Taxmann/Dr. Vinod K. Singhania

  12. Income and deductions • Interest means • - P.O. Interest • Interest on NSCs/KVP • Bank Interests • Int on Company deposits • Note – Exempt interest income shall not be filled here but to be filled in Item No. 25. ©Taxmann/Dr. Vinod K. Singhania

  13. Income and deductions 80C - Deduction in respect of LIC premium, contribution to PF, amount paid under Home Loan Account Scheme of NHB, etc. ©Taxmann/Dr. Vinod K. Singhania

  14. Income and deductions 80CCC - Deduction in respect of contribution to Pension Fund. ©Taxmann/Dr. Vinod K. Singhania

  15. Income and deductions 80CCD - Deduction in respect of contribution to Pension Scheme. ©Taxmann/Dr. Vinod K. Singhania

  16. Income and deductions The aggregate amount of deduction under sections 80C, 80CCC and 80CCD shall not, in any case exceed one lakh rupees. ©Taxmann/Dr. Vinod K. Singhania

  17. Income and deductions Deduction in respect of maintenance of a handicap dependant who is with disability, maximum amount Rs. 50,000 (Rs. 75,000 where disability is over 80%). Deduction in respect of Medical Insurance Premium maximum amount of Rs. 15,000; Rs. 20,000 in case of senior citizens ©Taxmann/Dr. Vinod K. Singhania

  18. Income and deductions Deduction in respect of Medical Treatment, maximum amount Rs. 40,000 or Rs. 60,000 Deduction in respect of loan taken for higher education. Entire payment of interest is deductible for maximum of 8 years ©Taxmann/Dr. Vinod K. Singhania

  19. Income and deductions Deduction in respect of rent paid Deduction in respect of donations to certain funds, charitable institutions, etc. 100% or 50% ©Taxmann/Dr. Vinod K. Singhania

  20. Income and deductions Deduction in respect of certain donations for scientific research or rural development Deduction in respect of contributions given by any person to political parties Deduction in case of a person with disability ©Taxmann/Dr. Vinod K. Singhania

  21. Income and deductions Enter if amount is greater than Rs. 5,000 otherwise write Nil ©Taxmann/Dr. Vinod K. Singhania

  22. Tax computation Calculate tax on aggregate income ©Taxmann/Dr. Vinod K. Singhania

  23. Tax computation Illustration showing calculation of rebate in case of an individual whose total income includes agricultural income also. Non-agricultural income: Rs. 3,00,000 Net agricultural income: Rs. 1,50,000 Contribution towards PPF: Rs. 40,000 • Calculation: • Non-agricultural income is Rs. 2,60,000 (3,00,000 – Rs. 40,000) • Income-tax on Rs. 4,10,000 • (Agricultural Income: Rs. 1,50,000 + • Non-agricultural income Rs. 2,60,000) • Income-tax on Rs. 2,60,000 (Agriculture income • Rs. 1,50,000 + Exempted slab: Rs. 1,10,000) Rs. 72,000 (Working Note 1) Rs. 27,000 (Working Note 2) ©Taxmann/Dr. Vinod K. Singhania

  24. Working Notes ©Taxmann/Dr. Vinod K. Singhania

  25. Tax computation Calculate Surcharge ©Taxmann/Dr. Vinod K. Singhania

  26. Tax computation Calculate EC and SHEC EC is 2% and SHEC is 1% of (income-tax plus surcharge). ©Taxmann/Dr. Vinod K. Singhania

  27. Tax computation This relief is available when salary or family pension has been received in arrears or in advance ©Taxmann/Dr. Vinod K. Singhania

  28. Tax computation Simple interest is levied when return is furnished after due date or no return has been furnished @ 1% per month or part of the month (even part of month will be taken as full month). Interest will be calculated as – 1% per month or part of month of amount of tax [as determined on the regular assessment and assessment u/s 143(1)] – Advance tax – Tax deducted/Tax collected at source – Relief u/s 90, 90A and 91. ©Taxmann/Dr. Vinod K. Singhania

  29. Tax computation ©Taxmann/Dr. Vinod K. Singhania

  30. Tax computation Simple interest is levied when advance tax is not paid or under estimated instalments of advance tax @ 1% per month. ©Taxmann/Dr. Vinod K. Singhania

  31. Tax paid Assessee is liable to pay advance tax where tax payable is Rs. 5,000 or more. This amount is to be taken from Form 16 or Form 16A. This amount is to be taken from Challan 280 if Self Assessment Tax is deposited. ©Taxmann/Dr. Vinod K. Singhania

  32. Refund Enter bank account number (essential in case of refund) Magnetic Ink Character Recognition (MICR) may be taken from cheque leaf of the assessee ©Taxmann/Dr. Vinod K. Singhania

  33. TDS on salary These details can be taken from Form 16 ©Taxmann/Dr. Vinod K. Singhania

  34. TDS on interest These details can be taken from Form 16A ©Taxmann/Dr. Vinod K. Singhania

  35. These will be taken from the counter foil of the Challan 280 Tax Payments ©Taxmann/Dr. Vinod K. Singhania

  36. Other information Interest income from UTI, Mutual Fund, etc. Dividend from domestic companies. Long-term capital gain on transfer of equity shares/units of equity oriented mutual funds where securities transaction tax is applicable. Net agricultural income in India. Other incomes which are exempt under section 10, i.e., exempted portion of house rent allowance, gratuity, pension, transport allowance, education allowance, etc. ©Taxmann/Dr. Vinod K. Singhania

  37. Other information ©Taxmann/Dr. Vinod K. Singhania

  38. Write your name Write your father’s name VERIFICATION I, …………………………., son of …………………………solemnly declare that to the best of my knowledge and belief, the information given in the return thereto is correct and complete and that the amount of total income and other particulars shown therein are truly stated and are in accordance with the provisions of the Income-tax Act, 1961, in respect of income chargeable to income-tax for the previous year relevant to the assessment year 2008-09. Place: Date: Sign here………… Write place Write date Put signature here ©Taxmann/Dr. Vinod K. Singhania

  39. TRP means, Tax Return Preparer who has been issued as per Tax Return Preparer Scheme, 2006, a Tax Return Preparer Certificate and a unique Identification Number to prepare return of income of Tax Payers If you are filing your return yourself then these columns are not to be filled up Write identification number of TRP, if return is prepared by TRP Write name of TRP, if return is prepared by TRP ©Taxmann/Dr. Vinod K. Singhania

  40. ITR - 1 of an assessee, whose income details are given below – ©Taxmann/Dr. Vinod K. Singhania

  41. ©Taxmann/Dr. Vinod K. Singhania

  42. ©Taxmann/Dr. Vinod K. Singhania

  43. Form - 16 ©Taxmann/Dr. Vinod K. Singhania

  44. Form - 16 contd… ©Taxmann/Dr. Vinod K. Singhania

  45. Form - 16 contd… ©Taxmann/Dr. Vinod K. Singhania

  46. Form - 16 contd… ©Taxmann/Dr. Vinod K. Singhania

  47. Form - 16 end. ©Taxmann/Dr. Vinod K. Singhania

  48. ITR - 1 of an assessee, whose income details are given below – First Name Middle Name Last Name Name: PiyushKumarShrivastava Flat/Door/Block No. Name of Premises/Building/Village Address: 93-94, Pocket G-20, Astha Niwas, Sector – 7, Rohini, Area/Locality Road/Street/Post Office New Delhi – 110085 Pin Code Town/City/District Delhi State ©Taxmann/Dr. Vinod K. Singhania

  49. ITR - 1 of an assessee, whose income details are given below – PAN PAN: AMAPD0645 B Date of Birth Date of Birth: 01/04/1972 Email Address e-mail: piyush@taxmann.com (STD code)-Phone Number Ph: 011 – 12345678 ©Taxmann/Dr. Vinod K. Singhania

  50. Personal information PIYUSH KUMAR SHRIVASTAVA A M A P D 0 6 4 5 B 93-94, POCKET G-20 ASTHA NIWAS 01 04 1972 ROHINI  SECTOR - 7 NEW DELHI DELHI  1 1 0 0 8 5 piyush@taxmann.com 011 12345678 ©Taxmann/Dr. Vinod K. Singhania