Earlier, ITR-1 Form only required the taxpayer to fill the income from salary, but the present form requires the taxpayer to fill in the break-up of the income from various sources. The Central Board of Direct Taxes has notified that from Financial Year 2017-18, thee are several amendments that have been made in ITR-1 Form, the ITR-2 Form has also been rationalised.
What is ITR-1 Form?
ITR-1 Form is a one-page Income Tax Return Form that can be used by any salaried individual, who has an income more than Rs. 50Lakh. Salary is the primary source of income. fake watches Income from House Property, Income like interest from bank deposits etc are considered as Income From other sources.
In the previous ITR-1 Form only the only the details of income from salary or pension along with income from one house property and other income were supposed to be mentioned, the present Sahaj form asks for a break-up of income from each and every source.
In the new ITR-1 Form there are generally 5columns, in the first column you are supposed to provide the amount of salary received, excluding the perquisites, allowances and profit in terms of salary. In the second column, the taxpayer will have to provide amount of allowances not exempt from tax and in the third column, the details of perquisites received like accommodation, car or driver provided by the employer. In the fourth and fifth columns, the taxpayer will have mention the amount related to profit in terms of salary and deduction under section 16. In the sixth column, you need to sum up the details provided in the five columns.
Income from House Property
Under this head you will have to mention the house property you know, and you will also have to mention whether it is self-occupied or let out. If the property is let-out during the previous year, you will have to provide a break-up of gross rent received in the first column, the tax paid to local authorities in the second, and the annual value of property in the third column. The annual value is gross rent minus taxes paid.