Income tax Return form ITR-1?
WHAT IS ITR 1?
The ITR-1 form is one of the simplest one-page form which should be filed by individuals having an income up to Rs. 50 lakhs. However, the Income can be from the following sources:
Salary or pension
Other sources (Interest etc.)
DETAILS REQUIRED IN ITR-1 FORM
Deductions and Gross/Taxable total income
Detail of Advance tax and Self-Assessment Tax payments if any
Detail of TDS/TCS if any
Computation of Tax Payable
Submit the return
Verify return online or send it to Centralized Processing Centre, Bangalore
WHAT ARE THE DIFFERENT MODE OF FILING ITR-1
ITR-1 APPLICABLE FOR:
Having Salary/Pension Income
Having One House Property (excluding cases where the loss is brought forward from previous years)
Having Other Sources (other than winning from Lottery and Income from Race Horses)
WHO IS NOT ELIGIBLE TO FILE ITR 1 FORM:
If income more than Rs. 50 lakhs
Income from winnings from lottery or income from race horses
Income from more than one house property
Income from Business or Profession
Income under the head ‘Capital Gains’
Agricultural income exceeding Rs 5,000
Loss under the head ‘Income from other sources’
Life insurance adviser ( Commission income)
CHANGES W.E.F. 1ST APRIL, 2018 (ITR 1 FY 2017-18)
More details of income from salary and house property
Tax rebate is Rs.2500 with income up to Rs.3,50,000 (earlier it was Rs.5000/- per year with income up to 5,00,000).
There is now a standard deduction of Rs. 40,000 instead of transport allowance and medical reimbursement.
Late fee applicable if Income tax Return not filled on the due date.
It is mandatory to having and filling the Aadhar number when filing IT Return
Cess levied on tax liability increased by 1 percent from the current 3 percent to 4 percent.
Tax Exemption limit is Rs.2,50,000/- After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%)
PENALTY ON LATE FILING OF ITR
Starting from April 1, Assessee will be liable to pay a maximum penalty of Rs.10000/-, if file ITR post the deadline of July 31, 2018 (unless the tax department extends it),
With effect from the assessment year 2018-19, if assessee failed to furnish the return of income within due date as prescribed under section 139(1) then as per section 234F, he will be required to the penalty of:
Rs. 5000 if the return is furnished on or before 31 December of the assessment year.
Rs.10,000 in any other case.
Total income of the person does not exceed Rs. 5 lakh then Rs. 1000.
If Income is not taxable then NIL (Not required to pay penalty as per income tax provisions)