The The government gives many assessment concessions to senior citizens. Consequently, retired people and senior residents, in addition, ask whether it is obligatory to document annual government form for AY 2019-20? The pleasantry to this inquiry is, YES!! The administration does not remunerate any unique unwinding to senior natives in such manner. They need to document the Income Tax Return.
Download Automated All in One TDS on Salary for The Govt & Non-Govt Employees for the Financial Year 2019-2020 and Assessment Year 20120-2021 With New Format of Form 16 Part B.
The feature of this Excel Utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019
2) The Salary Structure as per the All Govt & Non-Govt employees Salary Pattern
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee
5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)
6) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y. 2019-20
7) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20
8) Automated Income Tax Form 16 Part B for the F.Y. 2019-20
For a large portion of the retired people, the ITR-1 (Sugam) would be a reasonable structure. Notwithstanding, you should peruse the interesting passage to choose which structure is useful to you.
ITR - 1 Form is Workable If …
• You have been Indian Resident in the Concerned Financial Year.
• Your pay does not surpass Rs.50 lakh in the FY.
• The wellspring of pay is either from payor annuity.
• You can besides utilize this structure if the salary originates from one house property and intrigue.
• If your sifting salary does not surpass Rs 5000, you can utilize this structure.
Necessary of e-Filing for Individual/Senior Citizens/Pensioners
As I have said that the senior citizen needs to utilize the equivalent ITR structure. In this instructional exercise, I am advising the strategy to e-record ITR-1. This structure must be utilized by a large portion of the retired people. Additionally, I have utilized the online structure for documenting the arrival. It doesn't include the download and transfer. Presently you can't utilize the physical ITR structure except if your age is 80 years or higher.
After this well ordered instructional exercise, you would besides adapt well-near the senior native/retired person explicit annual expense rules.
1-Login to incometaxindiaefiling.gov.in
Go the personal expense efiling entry and tap on the login. You should be enlisted for the login. For the enlistment and login process, you can peruse my flipside post.
For the login, you need to utilize the PAN number and Password. Else, you can, in addition, go into the efiling gateway through the web monetary record.
Download Automated All in One TDS on Salary for The Non-Govt Employees for the Financial Year 2019-2020 and Assessment Year 20120-2021 With New Format of Form 16 Part B.
The feature of this Excel Utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019
2) The Salary Structure as per the All Govt & Non-Govt employees Salary Pattern
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee
5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)
6) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20
7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20
2. First Segregate the ITR Form – I Select the A.Y. 2019-20
• Now you need to choose the Towage Year starting from the waif. Note, the towage year is the following year of the significant money related year. So on the off chance that you are recording an annual expense form of Financial Year 2018-19, the towage year would be 2019-20.
• In the subsequent stage, you need to isolate the ITR structure. Utilize the whilom data for the ITR determination. Here, I have utilized the ITR-1.
• In the 'documenting type' field, you should isolate the first/reconsidered except if you are recording the arrival without the notice.
• Now isolate the 'accommodation mode' of return recording. It must be 'Get ready and Submit Online'. In this page, you need to additionally choose the pre-filled subtleties.
Download Automated All in One TDS on Salary for The Bihar State Govt Employees for the Financial Year 2019-2020 and Assessment Year 20120-2021 With New Format of Form 16 Part B.
The feature of this Excel Utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019
2) The Salary Structure as per the All Govt & Non-Govt employees Salary Pattern
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee
5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)
6) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20
7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20
Choose The Pre-filled Information
The online ITR structure makes the efiling simple by pre-filling the standard subtleties. for instance, your name, address, telephone number, email would be pre-filled. You are not required to fill these subtleties once more. In any case, you would be experienced to alter these subtleties.
So also, you can get some inexorable data from your past annual assessment form. In the following segment, you can isolate the data which would be pre-filled from the past ITR.
After the choice, click on the 'proceed' to unshut the ITR-1.
The online ITR structure is introduced in 7 pages. These pages are serried in the Tabs. You can tap on any tab to go to that page. These pages are –
1. Instruction
2. General Information
3. Computation of Income Tax
4. Tax Details
5. Taxes Paid and Verification
6. Donation 80G
7. Donation – 80GGA
You should peruse the guidance outperforming heading off to the following tab. In any case, contact the last two pages just in the event that you have given a gift to any organization. something else, avoid those tabs.
Fill the General Information
This page appears to be far-reaching, yet the greater part of the fields would be pre-filled. You need to just check the subtleties. You can transpiration the subtleties whenever required.
In the page of General data, you need to additionally tell the idea of your work. The beneficiary should choose that from the dropdown.
There is, in addition, a field to choose the filing choice. You need to choose the main alternative that is 'recorded under segment 139 (1)- On or Surpassing Due Date'. For the modified return, you need to isolate the flipside segment.
Download Automated All in One TDS on Salary for The Assam State Govt Employees for the Financial Year 2019-2020 and Assessment Year 20120-2021 With New Format of Form 16 Part B.
The feature of this Excel Utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019
2) The Salary Structure as per the All Govt & Non-Govt employees Salary Pattern
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee
5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)
6) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20
7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20
Give Income and Investment Details
Presently you would go the tab ' Computation of Income Tax'. In this page, you need to remunerate subtleties of your pay. It incorporates every one of the wellsprings of the salary including the divider intrigue. Alongside that, you need to make reference to that venture or costs which are qualified for annual tax reduction.
Part B1-Pension Details
The annuity of the senior citizen is filled to a limited extent B1. Pay or benefits subtleties are given in this segment. There are numerous fields in this segment. Be that as it may, retired people ought to be concerned just well-near 2 fields. Every single other field is identified with compensation.
You have to enter your yearly annuity esteem in the field B1 (I-A) – 'Pay according to segment 17(1)'.
Presently Proceed to field B1 (iii-A). It is a well-near standard deduction of Rs.40,000. Enter this sum. Note, this derivation would be Rs.50,000 for the FY 2019-20.
Part B2 – Type of House Property
The section is just for individuals. Who have put their self involved house on lease or they have taken the home credit. The lease pay ought to be referenced in this part. The Rent sum, city charges are also filled in this segment. The framework itself decrease the entire lease salary by 30%. This is a standard derivation on home advance lease.
There is a different field for the home advance intrigue. Try not to fill this incentive in the negative. The framework itself thinks of it as a misfortune.
Part B3-Income From Other Sources
In this section, you need to fill the divider intrigue subtleties. The intrigue salary is filled under other pay. In spite of the fact that the intrigue salary up to Rs.50,000 is qualified for the expense conclusion in the example of a senior native, still, you need to enter the sum.
Findings and Taxable Income
This Section is imperative to diminish your duty risk. In this section yo need to make reference to each one of those costs or venture which are qualified for assessment findings.
Section 80C
There are numerous speculations and cost under Section 80C which gives charge conclusion. As far as possible for these conclusions is Rs.1.5 lakh. You need to enter the volume estimation of venture and cost which goes under Section 80C. To adapt well-near these ventures, read my post-well-near the area 80C.
Annuity Scheme
You would, in addition, discover field to enter the estimation of Section 80 CCC and 80CCD. These fields are identified with the benefits plot commitment. I don't imagine that a beneficiary would be as yet putting resources into the annuity conspire.
I am besides avoiding the field for Section 80CCG. It is well-near the RGESS conspire. The administration is eliminating this plan as new speculator can't put cash into this plan. Along these lines, I am avoiding this field.
Section For Health Insurance
Section 80D, 80DD, and 80DDB are identified with your cost on wellbeing.
Enter the estimation of medical coverage premium, in the event that you have one. You can also enter the medicinal use if not taken the medical coverage. This goody is sexist to just the individuals who have crossed the age of 80 years.
On the off chance that you or your dependent is enduring with any hair-trigger malady, you can get remoter duty finding under segment 80DDB. The farthest point of this area is Rs.50 thousand for FY 2018-19. It has wither Rs.1 lakh since FY 2019-20.
Guarantee For Interest Deduction
This piece of the ITR structure is significant for the senior native. In this part, you need to necessity derivation for the intrigue salary.
As you most likely are aware the legislature have given expense reasoning on intrigue salary for the senior residents up to Rs.50,000. The legislature has made this arrangement in discrete Section 80TTB. Along these lines, the senior residents can just enter the incentive for Section 80TTB. The finding worth incorporates the enthusiasm procuring from the sparing worth Stock-still petrifaction both.
Announcing of Exempt Income
You would additionally discover a field for the exempted salary. You can have numerous sorts of absolved wages. In this way, including the lines whenever required.
In the field for the absolved salary, you need to isolate the sort of excluded pay and sum. Note, the salary announced in this area does not enhance your assessment obligation. All things considered, you should report it as this explains the stores in your record.
You can report the exempted pay from Provident Fund, tip, protection, profit and so forth. There is a separate Section for the sifting salary.
After this field, you would see the fields of assessment calculation. Every one of the fields would be pre-filled and you are not required to contact them.
Assessment Payment Details
You settle the salary regulatory obligation in different ways. This can be a TDS, TCS, Whop Tax, and Self Towage charge. In the example of retired people, It would be the TDS conclusion by the bank. On the off chance that divider does not deduct the TDS and there is a duty risk, you should settle the regulatory expense outperforming documenting the annual government form
A wide range of expense installment versus your PAN number is reflected in the page ' Tax Details' The TDS conclusion is sorted in 3 areas. Other than these, there is an area for TCS and Whop Tax also.
1. TDS from the Salary
2. TDS from Other Than Salary
3. TDS of the Rent
4. TCS Details
5. Advance Tax/Self Towage Details
Typically, the majority of your duty installment would reflect here naturally. You need to just count these subtleties with the structure 16 and Form 16A.
Be that as it may, on the off chance that you see any inconsistency or oversight, enter the right detail there. You can alter the expense installment fields.
In the event that you have as of late made good on any regulatory obligation, It may not towards here. For this situation, you need to compensate every one of the subtleties from the duty installment challans.
Assessments Paid and Verification
This page has 3 Step.
1. Total Tax Paid and Tax risk
2. Bank Details
3. Verification
Complete Taxes Paid
