ITR-1 can be used to report income from salary, one house property, income from other sources, and agricultural income of up to Rs.5,000.
Business
Standard : Salaried individuals can file income
tax returns (ITR) using the forms ITR-1 or ITR-2. ITR-1 applies
to individual resident taxpayers with a total income of up to Rs 50
lakhs. Whereas, ITR-2 applies to other individual taxpayers who do
not have income from business or profession.
ITR-1
can be used to report income from salary,
one house property, income from other sources, and agricultural
income of up to Rs.5,000. The form ITR-2 can be filed by individuals
having income from more than one house property, capital gains,
holding directorship in any company, or unlisted equity shares.
The
salary TDS certificate in Form 16 has been revised to provide for
more detailed information on the various tax-exempt allowances and
deductions provided under the income tax law. Part B of Form 16 has
been revised to provide for details of the various exemptions and
deductions allowed under the income tax law.
Filling
up your ITR:
ITR-1
Taxpayers
would have to fill in aggregate values of the broad components of
salary:
Salary
Perquisites
Profits
in place of salary
Furthermore,
a complete break-up would need to be provided of all allowances
exempt under section 10. For example:
House
rent allowance
Leave
travel allowance
Gratuity
Similarly,
each of the deductions allowed under chapter VI-A from section 80C to
80U must be reported separately. For example:
Life
insurance premium, tuition fees for children, and PPF investment
under section 80C
Medical
insurance premium under section 80D
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