Tuesday, May 14, 2013

ITR :- New ITR-1 (Sahaj) Form for the Assessment Year 2013-14 or Financial Year 2012-13

Friends, Income Tax Department has started to release excel based Return forms for submission of Income Tax Return of the assessment year 2013-14 or financial year 2012-13.  In the first hand ITR-1 (Sahaj) form has been released.  

Who can submit ITR-1 (Sahaj) ?
               As usual for past practice an Individuals having Income from Salary / Pension / Income from One House Property (excluding loss brought forward form previous years / Income from other sources ( Excluding Winning from Lottery and Income from Race Horses) can use this utility for submission of Income Tax return for the assessment year 2013-14 or financial year 2012-13.

What is new in new ITR-1 (Sahaj) ?
  • It is important to know that what in new in ITR-1 excel based form.  A new link has been provided to import Personal /Tax details from XML.   To understand about  the xml it is important to know the word  Pre-fill XML which can be downloaded from after sign in at  https://incometaxindiaefiling.gov.in/e-Filing/.   Pre-fill xml import Permanent Account Number, Name, date of birth, mainly Tds details alongwith TAN number and Tds amount.  It is pertinent to mention here that it is not mandatory for return filer but if he use this utility it makes error free return or avoid future complication with the income tax department.
                                           To know more regarding Pre-fil xml (Click Here
  • New column of Mobile no 2
  • New column as if u/s 139(9)-defective return, enter Original Ack No. 
  • New column as if u/s 139(9)-defective return, enter Notice No. 
  • Selection of Self Occupied or Let Out under Income from House Propery. 
  • 80CCD deduction for Employees / Self Employed Contribution
  • 80CCD deduction for Employers Contribution. 
  • 80TTA deduction for Interest on Saving Account permissible max.  upto 10,000.00 
  • Warning in TDS sheet that If no entry is made in this column, then Columns __ to __ will not be considered for that row. 
  • IFSC code instead of MICR code.  

Download Excel Based ITR-1 (Sahaj) Form  Click Here
Free  excel based Income Tax Calculator  Click Here 

Intense Debate Comments