Personal Tax – Individual other than Business Income

No, you are thereafter responsible for ensuring that the tax credits are available in your tax credit statement and TDS/TCS certificates received by you and that full particulars of income and tax payment are submitted to the Income-tax Department in the form of Return of Income which is to be filed before the due date prescribed in this regard

26AS is a consolidated statement showing various taxes deducted from your income by your employer, bank, or tenant.

It shows how much tax has been received by the government through TDS deposited by the deductor (employer, bank), advance tax or any self-assessment tax that has been paid, etc. It also contains the details of income tax refunds that you might have received. It also shows AIR (Annual Information Return) transaction details, which might have been filed by your bank in case you have entered into some specified transaction.

You must match tax payments and TDS deducted with 26AS before filing your ITR to get a tax credit, as the tax credit is given only on the items appearing in our 26AS.

Taxable income is calculated as per the provisions and rules contained in the Income Tax Act, 1961.

For calculating income tax, slab rates are applied to the taxable income earned during the previous year. These slabs are notified in the budget at the end of each financial year. The income is calculated under various heads of Income and added. Next, deductions and/or exemptions available under Chapter VI-A are deducted to get the Net Income Chargeable to Tax.

Section 17​​ of the Income-tax Act defines the term ‘salary. However, not going into the technical definition, generally, whatever is received by an employee from an employer in cash, kind, or as a facility [perquisite] is considered salary.

​​Allowances are fixed periodic amounts, apart from salary, which an employer pays for meeting some particular requirements of the employee.  E.g., Tiffin allowance, transport allowance, uniform allowance, etc.
There are generally three types of allowances for the Income-tax Act - taxable allowances, fully exempted allowances and partially exempted allowances.​
Perquisites are benefits a person receives due to their official position and are over and above the salary or wages. These perquisites can be taxable or non-taxable depending upon their nature. . Uniform allowance is exempt to the extent of expenditure incurred for official purposes u/s​ 10​(14).

The HRA amount must be disclosed in the ITR under the column allowances to the extent exempt under section 10. section 10(3A) is the relevant section under which the amount of exempt HRA will be shown.

• ​​​​​​​​​​​Return Form ITR - 1 (SAHAJ) can be used by an individual whose total income includes:
• (1) Income from salary/pension; or
• (2) Income from one house property (excluding cases where loss is brought forward from previous years); or
• (3) Income from other sources (excluding winnings from lottery and income from race horses, income taxable under section 115BBDA or Income of the nature referred to in section 115BBE).
• Further, in a case where the income of another person, like spouse, minor child, etc., is to be clubbed with the taxpayer's income, this return form can be used only when such income falls in any of the above categories.