Friends, Lot of persons (mainly salaried persons) are waiting for ITR forms for the Financial Year 2014-15 or Assessment Year 2015-16 . The due date for filing of Income Tax Return is 31st July, 2015 as per Income Tax Act. Some documents are required to file the Income Tax Returns like form 16, form 16a, interest certificate from bank or other financial institutions etc, Presently only PDF files of ITR forms for Assessment Year 2015-16 are available to submit manual return and online facility or upload facility through excel sheets will be provided through Income Tax department.
What is New in Forms
Specifically, Income Tax department has asked their assesess to provide their all Bank Accounts including opened/closed during the previous year while filing their income tax return through new ITR Forms issued by Income Tax Department.
What is ITR-1
The form is also known as Sahaj Form. So you don’t need to confuse over it. The form is for the assesee who have salary income during the Financial year 2015-16. There are other of ITR forms like ITR-2, 3,4,5,6,7. But these forms are used for other incomes.
Which Incomes includes in ITR-1 Form (Sahaj Form)?
The persons who have the following income or receipts should use ITR-1 form.
- Salary/Pension or
- One (1) house property income
- Other Sources Income
- Clubbing of Income from above heads
Why I download ITR-1 Form?
The assesee should download the ITR-1 form to file income tax return online for offline. We will talk only about e-filing of ITR-1 Form. There are two ways to efile ITR-1 Form.
1) Prepare Return Offline: Download ITR-1 and fill all the complete detail then click on to prepare XML. It will make your file in XML format which should be need to uploaded on the server of income tax department.
2) Prepare ITR-1 XML file through any software.
Downloaded ITR-1 now what?
Now, you have to prepare your income tax return according to the instruction given itself in ITR-1. First of all you have to prepare the documents only to get the information needs to fill up in ITR-1.
Keep the following documents ready to fill ITR-1
- Bank Statement
- TDS Certificates
- Salary Statements (if any)
- Last Year Income Tax Return (ITR-1)
- Computation of Salary Income
Statement of Taxable Salary
- Add: Taxable Allowances
- Add: Taxable Perquisites
- Less: Entertainment Allowance
- Less: Professional Tax
Net Taxable Salary