Which itr form to use for ay 2018 14

Start Tax Saving. Best Tax Saving Funds - Returns Axis Long Term Equity Fund. Was this article helpful? Have a query? ITR Resources. Mutual Fund Resources. Terms Privacy Legal. How to compute income from a property that is self-occupied for part of the year and let out for part of the year?

In this case, for the purpose of computation of income chargeable to tax under the head Income from House Property , such a property will be treated as let-out throughout the year and income will be computed accordingly. However, while computing the taxable income in case of such a property, actual rent will be considered only for the let-out period.

What incomes are charged to tax under the head Capital Gains? Any profit or gain arising from transfer of a capital asset during the year is charged to tax under the head Capital Gains. What is the meaning of Capital Asset? What constitutes transfer as per Income Tax Law? Generally, transfer means sale, however, as per Section 2 47 of the Income Tax Act, transfer, in relation to a Capital Asset, includes:. What are the provisions framed under the Income Tax Law in relation to carry forward and set-off of Capital Loss?

Follow us on :. All Rights Reserved. View All. The Schedule separates different category of capital gains long-term and short-term into different baskets according to rate at which the same is chargeable to tax. The applicable rate implies the rate of tax at which the normal income of the assessee is otherwise taxable. The figures in column 1 list out the categories of capital gains against which capital loss will be set off. The nature of such income is also required to be mentioned.

The gross value of such income is required to be reported. This should be cross referenced with incomes reflected in Schedule SI. These losses are to be set off against income under other heads in accordance with the provisions of section The amount set off against the income of respective heads has to be entered into in columns 2, 3 and 4, in the relevant rows. Brought forward short-term capital loss can be adjusted under any item of short-term or long-term capital gains.

Brought forward long-term capital loss can be adjusted under any item of long-term capital gains. The total of column 5 shall be entered in row xiv which shall give the amount of gross total income.

However, loss from owning and maintaining race horses can be carried forward only for 4 assessment years. Deviation from each ICDS as notified under section 2 of the Income-tax Act that has an effect on profit is to be filled in column iii of the said Schedule. If the total effect of ICDS adjustments on profit is positive, the same should be mentioned at serial no.

If the total effect of ICDS adjustments on profit is negative, the same should be mentioned at serial no. Note: No deduction under section 80G shall be allowed for any cash donation exceeding Rs. For details of deductions allowable, the provisions of the Chapter VI-A may kindly be referred to.

The amount of deduction to be claimed under section ID may be shown in this Schedule itself. Section 80CCC Deduction in respect of contributions to certain pension funds. Section 80CCG Deduction in respect of investment made under an equity savings scheme. Section 80DD Deduction in respect of maintenance including medical treatment of dependent who is a person with disability.

Section 80DDB Deduction in respect of medical treatment, etc. Section 80E Deduction in respect of interest on loan taken for higher education. Section 80G Deduction in respect of donations to certain funds, charitable institutions, etc.

Section 80GG Deduction in respect of rents paid. Section 80GGC Deduction in respect of contributions given by any person to political parties. Section 80IA Deduction in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc.

Section 80IAB Deduction in respect of profits and gains by an undertaking or enterprise engaged in development on Special Economic Zone.

Section 80IB Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings. Section 80IBA Deductions in respect of profits and gains from housing projects. Section 80JJA Deduction in respect and gains from business of collecting and processing of bio-degradable waste. Section 80QQB Deduction in respect of royalty income, etc.

Section 80RRB Deduction in respect of royalty on patents. Section 80TTA Deduction in respect of interest on deposit in savings account.

Section 80U Deduction in case of a person with disability. The tax liability under the section shall be The computation under this Schedule is to be based on Form No. However, the amount of credit is restricted to the extent of normal tax liability for the current assessment year exceeding the AMT liability for the current assessment year. Therefore, exclude Rs. However, if income of the minor is to be clubbed in various heads, total exclusion should not exceed Rs. In column 6 and 7, the percentage share and amount of share in the profit of the firm as computed in accordance with the provisions of the Income-tax Act.

Such share is exempt from tax in hands of the partner. Under column 4, expenses and brought forward losses in the manner provided as per part IV of First Schedule of the relevant Finance Act may be claimed from Gross agricultural income.

Losses under this head may be carried forward and set-off against agricultural income of subsequent assessment years as per above-referred Schedule.

In column 2 of the table, fill the name of business trust or investment fund. In column 3 of the table, fill the PAN of business trust or investment fund. Against serial number i , fill amount of income from House property in column number 6 and fill TDS on such amount, if any, in column number 7.

Against serial number ii a , fill amount of income from short term capital gain in column number 6 and fill TDS on such amount, if any, in column number 7. Against serial number ii b , fill amount of income from Long term capital gain in column number 6 and fill TDS on such amount, if any, in column number 7.

Against serial number iii , fill amount of income from other sources in column number 6 and fill TDS on such amount, if any, in column number 7. Preeti Motiani. Rate Story. Font Size Abc Small.

Abc Medium. Abc Large. Getty Images Story outline This year, ITR-1 requires the details of salary income to be provided under four sub-heads. Deductions under section 16 can only be claimed if you have salary income or pension. Salaried taxpayers can file their tax return using ITR-1 either on the Income Tax Department's e-filing platform or via the Excel utility form. Your legal guide on estate planning, inheritance, will and more. Under the lens NFRA member under lens for audit gaps in fraud-hit firm; cloud over selection process for regulatory posts.

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