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The Form 1 stories

Leave a Comment / Income under House Property / Know at One Stroke

My name is Form 1- I am the form for very simple persons. Who I am: I am ordinary resident (means mostly in India in current/last 7-10 years not going into technicalities). My income < 50 lac My Incomes : Salaries -Yes, I can fill My Incomes: House Property (but only rental from 1, No […]

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Part Verification

The Form 1 information compiling / Know at One Stroke

Here I fill a confirmation, that what I filled in my tax return is true and correct. I fill my name, PAN and father’s name and do a signature. Signature means signature. So actually I do a digital signature with my DSC. Or post filing (e filing we call) of tax return, I sign acknowledgement

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Part DI- Deductions details (the new information pack)

The Form 1 information compiling / Know at One Stroke

The deductions information is to be filled in detail, and will be same as what we shown in deductions while finding taxable income. This is the deductions for which payment is made in the period 1.4.20-31.7.20, the extended period allowed this year for claiming deductions

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Part E – The Other information

The Form 1 information compiling / Know at One Stroke

Collect: All my bank accounts list I list down all my bank accounts, their IFSC codes, and the account (or accounts) preferred in which I would want my refund to come, if there’s a tax refund due.

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Part D – Computing Taxes

The Form 1 information compiling / Know at One Stroke

I compute my taxes. I find my taxes, give my rebate, add cess interest and fee, find my total taxes due, reduce my taxes paid, find out my taxes due or refund due. Ideally there should be no taxes payable as I can’t or shouldn’t deposit my tax return unless all taxes are paid. I

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Part C- Deductions and Taxable Income

The Form 1 information compiling / Know at One Stroke

Deductions I collect : proofs of my saving linked deductions: Tax saving instruments (in Section 80C) This I am allowed upto Rs.1,50,000, remember? My Mediclaim receipt (in Section 80D) This I am allowed upto Rs.25,000 (and raised upto Rs.50,000 where the insured is a senior citizen) I need to fill in details whether I am

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Summing up-Gross Total Income

The Form 1 information compiling / Know at One Stroke

Summing up, income totals under Salaries, House Property and Other Sources give my Gross Total Income

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Under Income from Other Sources pack

The Form 1 information compiling / Know at One Stroke

I need to stack this under: Interest from saving bank, I total up savings bank interest from my bank statements or pass books Interest on bank fixed deposits FDRs interest I should get from my 26AS statement in case tax is deducted. If no taxes are deducted, I can work this myself basis FDs and

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Under House property pack

The Form 1 information compiling / Know at One Stroke

I collect documents of: My rent agreement with my tenant, or at least the details of tenant if I don’t have rent agreement with him, which means, tenant’s name, address, I total up how much rent I got, I find the receipt for house tax I paid in the year If I paid any interest

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Under Salaries pack

The Form 1 information compiling / Know at One Stroke

I collect documents of : Form 16 if taxes are deducted on salaries, or if my income from salary is over taxable limits. This is collected from my employer. If I am a pensioner, I will get a Form 16 from my bank if taxes are deducted, and should ask for a  pension certificate, which

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