How to fill Income Tax Return Form 1 (ITR1) - Part 1:

How to fill Income Tax Return Form 1 (ITR1) - Part 2:

13b. Interest u/s 234B: This is the interest payable if you have not paid 90% or more of the expected advance tax amount by 31st March of the year. It is calculated at 1.5% of the advance tax shortfall for every month (or partial month) of delay.

If you need to pay an interest for this reason, indicate the relevant amount in box 13b.

13c. Interest u/s 234C: This is the interest payable if you have not paid the expected advance tax amount by the required date (Sep 15, Dec 15 and Mar 15). It is calculated at 1.5% of the advance tax shortfall for every month (or partial month) of delay.

If you need to pay an interest for this reason, indicate the relevant amount in box 13c.

13d. Total interest: Add amounts from boxes 13a, 13b and 13c, and put it in box 13d.

14. Total tax and interest: Add the amounts from box 12 and box 13d, and put it in box 14. This is your total income tax liability for the year, and is the amount payable by you to the department of income tax.

Taxes Paid

15a. Advance Tax: If you have paid any advance tax, put the amount in box 15a.

15b. Tax Deducted at Source (TDS): Add up the TDS for all your income (that is, from one or more form 16 and form 16A), and put it in box 15b.

15c. Self Assessment tax: When you anticipate that the tax deducted at source (TDS) and advance tax paid by you is not sufficient to meet your income tax liability, you pay the anticipated difference as self assessment tax at the end of the financial year.

(Want to know what terms like financial year, assessment year and previous year mean? Please read “Income Tax (IT) Jargon – Financial Year (FY), Assessment Year (AY) and Previous Year (PY)”)

If you have paid any self assessment tax, put it in box 15c.

15d. Total taxes paid: Add up the amounts from boxes 15a, 15b and 15c, and put it in box 15d.

16. Tax payable: If the amount in box 14 is greater than the amount in box 15d (that is, if tax payable is more than the tax you have already paid), subtract the amount in box 15d from the amount in box 14.

This is the amount that you need to pay now. Put this in box 16.

Refund

Feel happy if you have to claim a refund! This means that you don’t have to pay any more income tax, and in fact, you would get some of the money back!

17. Refund: If the amount in box 14 is less than the amount in box 15d (that is, if tax payable is less than the tax you have already paid), subtract the amount in box 14 from the amount in box 15d.

This is the amount of refund that you would receive from the department of income tax. Put this in box 17.

Note: You need to fill items 18 to 20 only if you are claiming a refund. (That is, only if box 17 has been filled)

18. Bank Account Number: Put your bank account number here. It is compulsory if you are claiming a refund.

19. Mode of refund: You can get your refund in two ways – it can be directly deposited in your bank account (faster), or a cheque can be sent to you by post (slower).

Choose the method that you want.

20. Bank account details: If you choose direct deposit in 19, you need to provide the MICR code of your bank branch. You can find this 9 digit code on any of you cheque leaves.

You also need to indicate the type of bank account that you have – savings or current.

Details of Tax Deducted at Source (TDS)

21. TDS on Salary: Here, you give the details of the TDS on your salary. You can get all the details from the form 16 issued by your employer.

If you have more than one form 16, fill up the details in separate rows.

22. TDS on Interest: Here, you give the details of the TDS on the interest earned by you. You can get all the details from the form 16A issued by the TDS deductors (usually banks).

If you have more than one form 16A, fill up the details in separate rows.

Details of Advance Tax and Self Assessment Tax

23. Advance Tax and Self Assessment Tax: Give the details of any advance tax and / or self assessment tax that you may have paid.

You can get these details from the receipts received for these.

Transactions reported through Annual Information Return (AIR)

24. Annual Information Return (AIR): If there are any transactions that need to be reported through the AIR, mention them here.

These include high value transactions, like depositing a total of more than Rs. 10 Lakhs in a savings account in a year, purchase of a house for more then Rs. 30 Lakhs, credit card bills for the year being more then Rs. 2 Lakhs, etc.

25. Tax exempt interest income: If you have any interest income which is exempt from income tax (for example, interest on RBI’s 7% / 8% / 9% relief bonds, interest on gold deposit bonds, etc.), please indicate it here.

This is for information only.

Conclusion

In the end, put you name and your father’s name, place, and date, and sigh the return form!

Please note that even married women have to put their father’s name, and not their husband’s name.

Tax Return Preparer (TRP) Details

26. TRP Details: This is applicable only if the return has been prepared by a tax return preparer.

If you are reading this article, in all likelihood, your return would not be prepared by a TRP!

If it is indeed prepared by a TRP, these details would be filled by him / her.

That’s it! Your ITR1 has been completely filled up.

Although it seems complicated, it’s quite simple, isn’t it?

Happy tax filing!

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