Income Tax Return (ITR) filing: Which form should salaried individual and pensioner file? Find out
Income Tax Return (ITR) filing: There are 7 forms currently available and is must to file for ITR. These forms are ITR - 1, ITR - 2, ITR - 3, ITR - 4, ITR - 5, ITR - 6 and ITR - 7.
Income Tax Return (ITR) involves various set of prescribed forms, through which a taxpayer quotes the income earned or income from other sources for a particular financial year. There are 7 forms currently available and are must to file for ITR. These forms are ITR - 1, ITR - 2, ITR - 3, ITR - 4, ITR - 5, ITR - 6 and ITR - 7. However, there is most likely confusion among taxpayers to which respective form they must file, and because of this lack of knowledge, a case of delay in filing becomes quite a possibility. This is because every form is different from other and is meant for different section of people. For instance, salaried employee, pensioners, corporates, startups, etc. they all have different forms to file for ITR. That said, focusing on salaried individual and pensioners, here’s which form you should file for ITR.
ITR 1 form which is also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources.
Who cannot file?
Individuals having income from sources like more than one House Property, Lottery, Racehorses, Legal Gambling etc., taxable capital gains (Short term and Long term), agricultural income exceeding Rs 5,000, Business and Profession. Also, if an Individual is a resident and has assets (including financial interest in any entity) outside India or signing authority in any account located outside India cannot file ITR through it.
Watch this Zee Business video here:
Even individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.
Structure of ITR-1 form
Part A – General Information
Part B – Gross total Income
Part C – Deductions and taxable total income
Part D – Computation of Tax Payable
Part E – Other Information
How to file?
Step 1. Login to e-filing website with User ID, Password, Date of Birth /Date of Incorporation and Captcha.
Step 2. Go to e-File and click on "Prepare and Submit ITR Online".
Step 3. Select the Income Tax Return Form ITR 1/ITR 4S and the Assessment Year.
Step 4. Fill in the details and click the "Submit" button.
Step 5. Upload Digital Signature Certificate (DSC), if applicable. One needs to ensure the DSC is registered with e-Filing.
Step 6. Click on "Submit" button.
Step 7. On successful submission, ITR-V would be displayed (if DSC is not used). Click on the link and download the ITR-V, which will also be sent to the registered email. If ITR is uploaded with DSC, the Return Filing process is complete.
Hence, if you are a salaried individual or pensioner than note ITR 1 form is must for filing ITR.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 5 mid cap mutual funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Exclusive: Sebi reviews authorised person regulations; discusses minimum qualification, NISM certification and deposit amount criteria
SIP Investment: Can Rs 70/day savings help you build Rs 6 crore corpus? Understand calculations for 10, 20, 30, and 40 years at 13%, 14%, and 15% return
Stocks To Buy For 2 Weeks: Axis Direct recommends buying these stocks for 5-15 day; check targets, stop losses
EPF vs SIP vs PPF: Which can help generate highest retirement corpus on Rs 11,000 monthly investment in 30 years?
08:00 AM IST