Filling Income Tax Return - Some Tips

The following points will help in filling ITR-1 (Saral-II) for Assessment Year (2010-11) and Financial Year (2009-10).

Please download the following file for detailed Information:

Instruction PDF File for Filling ITR-1

Filing Status

·         Designation of Assessing Officer:

Use the following link to find the Assessing Officer http://www.incometaxindia.gov.in/ao/firstlevel.asp (Use Internet Explorer, Google Chrome is not working properly for this site)

·         Return Filed Under Section

The codes corresponding to the section under which a return is being filed are as under:-

i. Voluntarily before the due date under section 139 -           11

ii. Voluntarily after the due date under section 139   -           12

iii. In response to notice under section 142(1)            -         13

iv. In response to notice under section 148                -         14

v. In response to notice under section 153A/ 153C    -        15

Income & Deductions

·         Income chargeable under the Head “Salaries”(Salary/Pension)

It is calculated after deducting allowances under section 10 (HRA & Transport) and allowances under section 16 (Entertainment & Professional Tax Paid)

·         Income chargeable under the Head “Other Sources”

It includes Interest from bank deposits and dividends from equities owned by foreign companies.

Point 27: Exempt Income only for reporting purposes

It includes Mutual Funds dividends and dividends from domestic equities. It also includes capital gains made from shares after deducting STT.