Income Tax Return Filing-ITR-1 ( Salary Income)
Frequently Asked Questions About Income Tax
As per Section 139(1) of Income Tax Act, 1961
- a) Companies & Firm:-Every Company & Partnership Firm should (MUST) furnish Return of Income in respect of its income or loss for every previous year.
b) Others:– Every other person being Individual or HUF or an AOP or BOI or Artificial Judicial Person, where the Total Income of any other person in respect of which he is assessable under the Act during the previous year, without giving the effect of Sec. 10A/10AA/10B/10BA or Chapter VI-A exceeds the max amount not chargeable to Income Tax, should also furnish a Return of Income
- Company –30thSeptember
2. Non Corporate Assessee who accounts are required to be audited-30thSeptember
3. Working Partner of Firm whose accounts are required to be audited.–30thSeptember
4. Any other Assessee (like Individual, HUF etc) –31st July
5. Assessee who is required to Furnish a Report u/s 92E –30thNovember
Section 17 of Income Tax Act define Income included in Salary so whatever amount is received by an employee from an employer in cash, kind or as a facility [eg. perquisite] is considered under the head salary.
Allowances are paid by an employer for the purpose of meeting some particular requirements of the employee. Allowances are fixed periodic amounts, apart from salary E.g., Tiffin allowance, transport allowance, uniform allowance, etc. We can classified three types of allowances for the purpose of Income-tax Act – 1. Taxable allowances, 2. Fully exempted allowances and 3. Partially exempted allowances.
Perquisites are benefits received by employee as a result of his/her official position and are over and above the salary or wages. These benefits or perquisites can be taxable or non-taxable depending upon their nature
Standard deduction is introduced from fy. 2018-19 and amount fixed of Rs. 40000/-. The standard deduction would be replaced the existing transport allowance of Rs 1600 per month and medical allowance of Rs 15,000 per annum.
The effect of introduction of standard deduction of Rs 40,000 which replaces medical allowance of Rs 15,000 and transport allowance of Rs 1600 per month i.e. 19,200 per annum, the effective additional benefit on account of the standard deduction would be an additional income exemption of Rs 5,800
The recent clarification issued by the income tax department, if a taxpayer has received a pension and the same is taxable under the head salary than , they shall be entitled to claim a standard deduction of Rs. 40,000 or the amount of pension, whichever is less.
House Rent Allowance or HRA is a part of the salary provided by an employer to his employee for his/her rented accommodation. HRA exemption can be claimed only if the employee is using rented house. HRA is a useful part of salary to save tax
The HRA amount received by employee is not fully exempt only Least/minimum of the following is exempt.
Yes you can claim HRA during filing your return and get exemption as per the calculation.
If you are staying in rented house and you are paying your home loan than you can claim HRA and home loan deduction both.