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Itr salary ppt

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  • 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
  • 3. Question Time
    Mr. Amit Sharma is a Employee of CITY Paper Company Private Limited. He received Salary . Match the taxable and non taxable Income of Mr. Amit
    • Fixed Medical Allowance
    • 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
  • 12. Answer
    • Fixed Medical Allowance
    • 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
  • 25. DHARMENDRA SINGH has Taxable Income Rs. 427724
    Normal Tax (427724 – 160000) x 10% Rs. 26772
    EduCess(3% of Normal Tax) Rs. 803
    Total Tax Rs. 27575
    Less: Prepaid Tax
    Advance Tax Rs. 10000
    TDS on Salary Rs. 17881 Rs. 27881
    Refund /Payable Rs.(306)
    Now For filing the return, Mr. Dharmendra has received the following documents and certificates: -
    • A) Challan of Rs. 10000/- with challan Serial No.
    • 26. B) TDS Certificate (Form 16 ) from XYZ Private Limited
    • 27. C) Computation of Income
    • 28. D) Details of Investments i.e LIC Receipts, Mutual Fund receipts. Receipt of KVP, NSC. Certificate of Long Term Infrastructure Bond PPF Receipts
  • After compute the total Income Now Mr. Dharmendra has applicable to file ITR1(SAHAJ) , for this he has purchased the Web –E – TAX Software and install on desktop
  • 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 :

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