Step by step guide for ITR1 filing - HDFC Life
The tax rate may increase as taxable income increases (referred to as graduated or progressive rates). The tax imposed on companies is usually known asÂ corporate taxÂ and is levied at a flat rate. However, individuals are taxed at various rates according to the slab in which they fall, as per their respective earnings/monthly income. Further, the partnership firms are also taxed at flat rate. In India and in many jurisdictions, locally organizedÂ charitable organizations are exemptedÂ from paying any tax.Â Capital gainsÂ may be taxed at different rates than other income. Credits of various sorts may be allowed that reduce tax. Some jurisdictions impose the higher of an income tax or a tax on an alternative base or measure of income. Income Tax Return (ITR) filing is a very crucial part of the financial exercise of a person and has to be done carefully and within the stipulated time, to avoid any penal or corrective action by the concerned officials. ITR is currently referred to as ITR 1 for salaried individuals or â€œsahajâ€�.
For filing the income tax, here are the simple steps that you must take:
- Preparing to file the ITR: Since the process is digital, the first step is to register on the official website of the Income Tax department.Â You have to log in to the e-filing website with User ID, Password, Date of Birth /Date of Incorporation and captcha.
- Filing the return: After you log on, click on the tab that says â€œe-fileâ€� and then click on â€œPrepare and submit ITR onlineâ€�. Once you have filled in 'Part A General information' in ITR-1, the next step is to enter details of your income in tab 3.Â
- Select the Income Tax Return Form ITR 1/ITR 4S and the Assessment Year. The salary part of the form asks you to provide five details of your income: a) Salary excluding all allowances, perquisites and profit in lieu of salary, b) Allowances not exempt, c) Value of perquisites, d) profit in lieu of salary, and e) deductions under section 16.Â
- Calculate and filling your income from house property: If you own house property, then you have to report this income (income earned from the property) in your ITR. There are two types of properties: self occupied and let-out. Tax slabs and treatment for both is different.
- Details of TDS (Tax Deducted at Source) will reflect in tab 4 â€œTax Detailsâ€� while filing ITR 1. These details are picked from Form 26AS (tax passbook type document). The details of taxes deducted by the employer, banks, by tenants etc, are all populated here.
- The IT Act offers various benefits on some investments and expenditures that can help you in lowering the slab of your gross taxable income and overall liability for tax. PPF, EPF, ELSS etc. investments offer tax benefits of up to 1.5 Lakh. Under section 80EE, first time home buyers can also claim tax benefit.
- After filling in the details, upload your Digital Signature Certificate (DSC), if applicable. (DSC must be registered with e-filing).
- Click on â€œsubmitâ€� tab. After successful submission, ITR-V would be displayed (if DSC is not used). Click on the link and download the ITR-V. ITR-V will also be sent to the registered email. If ITR is uploaded with DSC, the Return Filing process is complete. Alternately, if the return is not uploaded with DSC, the ITR-V Form should be printed, signed and submitted to CPC within 120 days from the date of e-Filing.
HDFC Life offers several saving and investment plans that allow you to maintain security of the finances and offer market-linked returns and capital benefits. For details, click on the mentioned link: https://www.hdfclife.com/savings-plans
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