INCOME TAX MODULE <br />ITR 01<br />CONTENTS<br />
INCOME FROM “SALARY “ <br />For an Employee, Income from<br />“ Salary” Means<br />Profit in Lieu<br />“Salary” <br />Allo...
Question Time  <br />Mr. Amit Sharma is a Employee of CITY Paper Company Private Limited. He received  Salary  . Match  th...
Servant Allowance
Dearness Allowance
Interest free Loan
Perquisites  of Motor Car
Conveyance Allowance
 Children Allowance
HRA Allowance
 Rent Free Accommodation  </li></ul>Fully Taxable <br />Partially Taxable <br />Not Taxable <br />Fully Taxable <br />Part...
Answer <br /><ul><li>Fixed Medical Allowance
Servant Allowance
Dearness Allowance
Interest free Loan
Perquisites  of Motor Car
Conveyance Allowance
 Children Allowance
HRA Allowance
 Rent Free Accommodation  </li></ul>Fully Taxable <br />Fully Taxable <br />Fully Taxable <br />Not Taxable <br />Partiall...
INCOME FROM “OTHER SOURCES”<br />An Assessee has received income from Other Sources which includes : <br />Gift<br />Casua...
Take Example  for ITR 01 <br />After Assuming  the All Income Assessee has required to Compute his  Gross Total Income and...
 Mr. DHARMENDRA SINGH has received <br />Income 		Current Year    2010-2011		Previous year   2009-2010<br /> per Month	 Gr...
As DHARMENDRA SINGH has received <br />INCOME FROM HOUSE PROPERTY <br />Rent Received during the year  (10000 X 12)	120000...
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Itr salary ppt

  1. 1. INCOME TAX MODULE <br />ITR 01<br />CONTENTS<br />
  2. 2. INCOME FROM “SALARY “ <br />For an Employee, Income from<br />“ Salary” Means<br />Profit in Lieu<br />“Salary” <br />Allowances<br />Perquisites<br />Fully Taxable Allowances <br />Fully Exempted Allowances <br />Taxable Perquisites<br />Non-Taxable Perquisites<br />Special Allowances<br /> Partially Exempted Allowances<br />
  3. 3. Question Time <br />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<br /><ul><li>Fixed Medical Allowance
  4. 4. Servant Allowance
  5. 5. Dearness Allowance
  6. 6. Interest free Loan
  7. 7. Perquisites of Motor Car
  8. 8. Conveyance Allowance
  9. 9. Children Allowance
  10. 10. HRA Allowance
  11. 11. Rent Free Accommodation </li></ul>Fully Taxable <br />Partially Taxable <br />Not Taxable <br />Fully Taxable <br />Partially Taxable <br />Not Taxable <br />Fully Taxable <br />Partially Taxable <br />Not Taxable <br />
  12. 12. Answer <br /><ul><li>Fixed Medical Allowance
  13. 13. Servant Allowance
  14. 14. Dearness Allowance
  15. 15. Interest free Loan
  16. 16. Perquisites of Motor Car
  17. 17. Conveyance Allowance
  18. 18. Children Allowance
  19. 19. HRA Allowance
  20. 20. Rent Free Accommodation </li></ul>Fully Taxable <br />Fully Taxable <br />Fully Taxable <br />Not Taxable <br />Partially Taxable <br />Fully Taxable <br />Partially Taxable <br />Partially Taxable <br />Partially Taxable <br />
  21. 21. INCOME FROM “OTHER SOURCES”<br />An Assessee has received income from Other Sources which includes : <br />Gift<br />Casual Income<br />Interest Income <br />Other Income <br />Director’s sitting fees, commission etc. <br />Examiner ship remuneration <br />Remuneration received by Members of Parliament <br />Income from subletting <br />Rent from vacant piece of plot of land <br />Agricultural Income from agricultural land situated outside india.<br />Royalty Income <br />Amount received under life Insurance Policy<br /> Family Pension<br />Income from letting out of Plant & Machinery, furniture<br />Income from Composite letting of Plant & machinery furniture with Building<br />Dividend Income<br />
  22. 22. Take Example for ITR 01 <br />After Assuming the All Income Assessee has required to Compute his Gross Total Income and Computation <br />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)<br />DHARMENDRA SINGH<br />
  23. 23. Mr. DHARMENDRA SINGH has received <br />Income Current Year 2010-2011 Previous year 2009-2010<br /> per Month Gross Total per Month Gross Total <br /> (in Rs.) (in Rs.) (in Rs.) (in Rs.)<br />INCOME FROM SALARY <br />Basic Salary 20000 x 12 240000 18000 x 12 216000 <br />Dearness Allowance 1000 x 12 12000 1000 x 12 12000 <br />Arrear of Salary 24000 NIL <br />Bonus (in Oct )5000281000 5000233000<br />As Allowance<br /> DHARMENDRA SINGH has received <br />HRA Allowance 120000 120000 <br />Less : Exemption from HRA 70800 49200 73200 46800<br /> Children Education Allowance 60000 60000<br />Less : Exemption 2400 57600 2400 57600<br /> Conveyance Allowance14400 14400 <br />Less : Exemption 9600 4800 9600 4800<br /> Entertainment Allowance 1800018000<br />As Perquisites<br /> DHARMENDRA SINGH has received <br />Perquisite of Motor Car 100000 100000 <br />Less : Exemption 60400 39600 60400 39600<br />Free Supply of Gas / Electricity / Water 6396 6396<br />Profit in lieu of Salary as per Section 1200012000<br />Taxable Income from Salary 468596 418196<br />
  24. 24. As DHARMENDRA SINGH has received <br />INCOME FROM HOUSE PROPERTY <br />Rent Received during the year (10000 X 12) 120000<br />Less: Standard Deduction (120000 x 30%) 36000 84000<br />As DHARMENDRA SINGH has received<br />INCOME FROM OTHER SOURCES <br />Bank Interest(HDFC Bank ) 10128<br />Gross Total Income 562724 <br />As he Calculate his Income, he has advised by<br /> his Sr. Accountant to invest some amount to take <br />rebate under chapter VI-A of the Act , <br />LIC 20000<br />NSC (Interest for Current year 09/04/2010) 10000<br />Kisan Vikas Patra(Interest for Current year 05/04/2010) 20000<br />PPF 40000<br />Mutual Fund 10000<br />Long Tem Govt. Infrastructure bond* 20000<br />Mediclaim* 15000 <br />Total Deduction Under chapter VI-A of the Act 135000<br />Net Taxable Income (562724-135000) 427724<br />
  25. 25. DHARMENDRA SINGH has Taxable Income Rs. 427724<br />Normal Tax (427724 – 160000) x 10% Rs. 26772<br />EduCess(3% of Normal Tax) Rs. 803<br />Total Tax Rs. 27575 <br />Less: Prepaid Tax <br /> Advance Tax Rs. 10000<br /> TDS on Salary Rs. 17881 Rs. 27881<br />Refund /Payable Rs.(306)<br />Now For filing the return, Mr. Dharmendra has received the following documents and certificates: - <br /><ul><li>A) Challan of Rs. 10000/- with challan Serial No.
  26. 26. B) TDS Certificate (Form 16 ) from XYZ Private Limited
  27. 27. C) Computation of Income
  28. 28. D) Details of Investments i.e LIC Receipts, Mutual Fund receipts. Receipt of KVP, NSC. Certificate of Long Term Infrastructure Bond PPF Receipts</li></li></ul><li>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 <br />
  29. 29. Basic step to be Followed to file the ITR 1(SAHAJ) in Software <br />
  30. 30. Step 1 : Go to Master>Assessee Master > Add New<br /> Fill the general information i.e PAN , Name , Date of Birth, Source of Income etc<br />Click here<br />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<br />Email ID is Mandatory in for E-filing<br />
  31. 31. Step 2: Select the Assessee / Company- <br />Go to Master >Assessee Master/ Company Master > <br /> Modify Record OR PRESS Short cut F3(Use always Shortcut F3) <br />Click here to Select Assessee<br />After create the Assessee Master select the Assessee from list with the relevant Assessment year <br />
  32. 32. Step 3: Fill Computation- Go to Computation or Press F7 (Short Cut ) <br />Click here<br />After filled the information of Salary Now Mr. Dharmendra has to fill the information of his one House Property<br />In the Head of Income From House Property. <br />> Double click on Rent received during the year > New screen will be appearing ><br />
  33. 33. Rental income received during the year. <br />> Whether let out or not <br />> lettable value > Unrealized Rent > Local Taxes > Standard deduction of 30 %<br />> Interest payable on Borrowed Loan<br />> Name of Tenant> PAN of Tenant (Not mandatory)>Address of Tenant with PIN Code and State Code<br />> In case of Mr. Dharmendra, rent received during the <br />Lettable Value + Unrealized rent which is not received from previous year and interest payable. Local Tax i.e House Tax.<br /> PAN, details of Tenant with address is mandatory here<br />Rent unrealized rent U/s 25A/AA of income tax, which is Free from Standard Deduction of 30 %<br />Any increase rent that received in current year is taxable. Assesee can get 30% Standard deduction on such arrear of rent.<br />
  34. 34. At last Mr. Dharmendra has to fill the amount of Other Sources Income, <br />Double Click on Income From other Source > New Screen of other sources will be appear<br />>Fill the information here, Mr. Dharmendra .<br />There is option to bank Name also, to give more details<br />After fill the all heads of Income Software will calculate Income tax automatically<br />
  35. 35. For Chapter VI A of the Act Software has provide the head wise option as follows: <br />Go to deduction Chapter VI A > Click on 80C > New window will appear on the Screen > fill head wise amount <br />There is option to fill separately<br />
  36. 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.<br />Mr. Dharmendra has aware that during the year, he has liable to pay Advance tax as he exceed the limit to Rs. 10,000<br />
  37. 37. As Mr. Dharmendra has paid Prepaid tax in TDS and Advance Tax with Challan <br />To fill the software Click on Advance tax /Self assessment tax> New Window has appear <br />Click here<br />For TDS on Salary as per form 16 >Click on TDS Salary > New screen will appear <br />
  38. 38. After fill there is refund for Mr. Dharmendra has Refund which is back to him by Income tax department .<br />
  39. 39. Now Mr. Dharmendra has to go generate the XML for filing the return <br />Go To Utility> Form 1 XML<br />But Mr. Dharmendra wants to upload his ITR with e-filing by using direct connectivity of webtel software<br />Go To Utility> Generate and Upload<br />
  40. 40. Revised Return has available in software <br />Software has saved Mr. Dharmnedra’s XML on Dharmendra has only required to select the return type and give the original receipt number . Desktop<br />After the saving the XML on Desktop , software will connect the website of Income Tax Department.[www.incometaxindiaefiling.gov.in]<br />
  41. 41. Software will login to Mr. Dharmendra’s E-Filing Account. Now He has to Attached his XML which is save on Desktop earlier. <br />Select the XML File <br />Press on Open Button<br />Now click the Upload Button<br />
  42. 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 : <br />

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