Description
Who is not eligible to file the ITR-1 Return?
Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.
What is the structure of the ITR-1 Form?
How do I fill out the ITR-1 Form?
PAN card Interest from bank account details – bank passbook or FD certificate The ITR-1 Form can also not be used if you are claiming double taxation relief under Section 90/90A/91.
What do the following terms mean?
This is called a Revised Return. For the Financial Year 2015-16, you can file your Revised Return till March 31, 2017. Notice Number: You should fill this in only if you are filing your return in response to a notice from the Income Tax Department. Advance Tax: For salaried individuals, TDS mostly takes care of advance tax payments. However you might have other forms of income – like interest on savings bank accounts, fixed deposits, rental income, bonds or capital gains. If tax on income is more than Rs. 10,000 per year, you are required to estimate your income and pay Advance Tax. This has to be paid in quarterly installments in September, December and March. Self Assessment Tax Payments: This is the difference between tax payable and tax paid and it needs to be paid before you file your return. When you fill out the form for the first time, you won’t know whether Self Assessment Tax has to be paid or not. So fill out the form first along with the Advance Tax details, if paid. Compute your income and if after computing, you find that tax is still payable pay it and then fill in the details in this section. Annexure-less Return: ITR-1 Form is an Annexure-less return. This means that you do not have to attach any documents (such as Form 16/Form 26AS) with the ITR-1 Form.