1. INCOME TAX MODULE ITR 01 CONTENTS

2. INCOME FROM “SALARY “ For an Employee, Income from “ Salary” Means Profit in Lieu “Salary” Allowances Perquisites Fully Taxable Allowances Fully Exempted Allowances Taxable Perquisites Non-Taxable Perquisites Special Allowances Partially Exempted Allowances

4. Servant Allowance

5. Dearness Allowance

6. Interest free Loan

7. Perquisites of Motor Car

8. Conveyance Allowance

9. Children Allowance

10. HRA Allowance

11. Rent Free Accommodation Fully Taxable Partially Taxable Not Taxable Fully Taxable Partially Taxable Not Taxable Fully Taxable Partially Taxable Not Taxable

13. Servant Allowance

14. Dearness Allowance

15. Interest free Loan

16. Perquisites of Motor Car

17. Conveyance Allowance

18. Children Allowance

19. HRA Allowance

20. Rent Free Accommodation Fully Taxable Fully Taxable Fully Taxable Not Taxable Partially Taxable Fully Taxable Partially Taxable Partially Taxable Partially Taxable

21. INCOME FROM “OTHER SOURCES” An Assessee has received income from Other Sources which includes : Gift Casual Income Interest Income Other Income Director’s sitting fees, commission etc. Examiner ship remuneration Remuneration received by Members of Parliament Income from subletting Rent from vacant piece of plot of land Agricultural Income from agricultural land situated outside india. Royalty Income Amount received under life Insurance Policy Family Pension Income from letting out of Plant & Machinery, furniture Income from Composite letting of Plant & machinery furniture with Building Dividend Income

22. Take Example for ITR 01 After Assuming the All Income Assessee has required to Compute his Gross Total Income and Computation For Example, Mr. DHARMENDRA SINGH is an employee working in XYZ Private Limited, As Manager. He earns the Income during the Financial year 2010-2011(Assessment Year 2011-2012) DHARMENDRA SINGH

23. Mr. DHARMENDRA SINGH has received Income Current Year 2010-2011 Previous year 2009-2010 per Month Gross Total per Month Gross Total (in Rs.) (in Rs.) (in Rs.) (in Rs.) INCOME FROM SALARY Basic Salary 20000 x 12 240000 18000 x 12 216000 Dearness Allowance 1000 x 12 12000 1000 x 12 12000 Arrear of Salary 24000 NIL Bonus (in Oct )5000281000 5000233000 As Allowance DHARMENDRA SINGH has received HRA Allowance 120000 120000 Less : Exemption from HRA 70800 49200 73200 46800 Children Education Allowance 60000 60000 Less : Exemption 2400 57600 2400 57600 Conveyance Allowance14400 14400 Less : Exemption 9600 4800 9600 4800 Entertainment Allowance 1800018000 As Perquisites DHARMENDRA SINGH has received Perquisite of Motor Car 100000 100000 Less : Exemption 60400 39600 60400 39600 Free Supply of Gas / Electricity / Water 6396 6396 Profit in lieu of Salary as per Section 1200012000 Taxable Income from Salary 468596 418196

24. As DHARMENDRA SINGH has received INCOME FROM HOUSE PROPERTY Rent Received during the year (10000 X 12) 120000 Less: Standard Deduction (120000 x 30%) 36000 84000 As DHARMENDRA SINGH has received INCOME FROM OTHER SOURCES Bank Interest(HDFC Bank ) 10128 Gross Total Income 562724 As he Calculate his Income, he has advised by his Sr. Accountant to invest some amount to take rebate under chapter VI-A of the Act , LIC 20000 NSC (Interest for Current year 09/04/2010) 10000 Kisan Vikas Patra(Interest for Current year 05/04/2010) 20000 PPF 40000 Mutual Fund 10000 Long Tem Govt. Infrastructure bond* 20000 Mediclaim* 15000 Total Deduction Under chapter VI-A of the Act 135000 Net Taxable Income (562724-135000) 427724

26. B) TDS Certificate (Form 16 ) from XYZ Private Limited

27. C) Computation of Income

29. Basic step to be Followed to file the ITR 1(SAHAJ) in Software

30. Step 1 : Go to Master>Assessee Master > Add New Fill the general information i.e PAN , Name , Date of Birth, Source of Income etc Click here When you select the considered head of income ,software will show the applicable ITR. In case of Mr. Dharmendra, he is applicable for ITR 1 Email ID is Mandatory in for E-filing

31. Step 2: Select the Assessee / Company- Go to Master >Assessee Master/ Company Master > Modify Record OR PRESS Short cut F3(Use always Shortcut F3) Click here to Select Assessee After create the Assessee Master select the Assessee from list with the relevant Assessment year

32. Step 3: Fill Computation- Go to Computation or Press F7 (Short Cut ) Click here After filled the information of Salary Now Mr. Dharmendra has to fill the information of his one House Property In the Head of Income From House Property. > Double click on Rent received during the year > New screen will be appearing >

33. Rental income received during the year. > Whether let out or not > lettable value > Unrealized Rent > Local Taxes > Standard deduction of 30 % > Interest payable on Borrowed Loan > Name of Tenant> PAN of Tenant (Not mandatory)>Address of Tenant with PIN Code and State Code > In case of Mr. Dharmendra, rent received during the Lettable Value + Unrealized rent which is not received from previous year and interest payable. Local Tax i.e House Tax. PAN, details of Tenant with address is mandatory here Rent unrealized rent U/s 25A/AA of income tax, which is Free from Standard Deduction of 30 % Any increase rent that received in current year is taxable. Assesee can get 30% Standard deduction on such arrear of rent.

34. At last Mr. Dharmendra has to fill the amount of Other Sources Income, Double Click on Income From other Source > New Screen of other sources will be appear >Fill the information here, Mr. Dharmendra . There is option to bank Name also, to give more details After fill the all heads of Income Software will calculate Income tax automatically

35. For Chapter VI A of the Act Software has provide the head wise option as follows: Go to deduction Chapter VI A > Click on 80C > New window will appear on the Screen > fill head wise amount There is option to fill separately

36. Now Mr. Dharmendra has Net Taxable Income after Deduction of Chapter VI- A of The Act. Software will calculate the Tax on the net taxable Income automatically. Mr. Dharmendra has aware that during the year, he has liable to pay Advance tax as he exceed the limit to Rs. 10,000

37. As Mr. Dharmendra has paid Prepaid tax in TDS and Advance Tax with Challan To fill the software Click on Advance tax /Self assessment tax> New Window has appear Click here For TDS on Salary as per form 16 >Click on TDS Salary > New screen will appear

38. After fill there is refund for Mr. Dharmendra has Refund which is back to him by Income tax department .

39. Now Mr. Dharmendra has to go generate the XML for filing the return Go To Utility> Form 1 XML But Mr. Dharmendra wants to upload his ITR with e-filing by using direct connectivity of webtel software Go To Utility> Generate and Upload

40. Revised Return has available in software Software has saved Mr. Dharmnedra’s XML on Dharmendra has only required to select the return type and give the original receipt number . Desktop After the saving the XML on Desktop , software will connect the website of Income Tax Department.[www.incometaxindiaefiling.gov.in]

41. Software will login to Mr. Dharmendra’s E-Filing Account. Now He has to Attached his XML which is save on Desktop earlier. Select the XML File Press on Open Button Now click the Upload Button

42. After upload the return Mr. Dharmendra has received ITR V as acknowledgment , Now for confirmation of Submission he has to send this ITRV with signature to as given below :