SHIVAM THAKUR SE ETRX 2019110064

HSSE-1 (FINANCE FOR ENGINEERS)

Assignment 3 – Investments

1. All the students(groups) have solved 2 problems on Income tax calculation.

Now, till those calculated details in ITR-1 Form, which is attached.
 INDIAN INCOME TAX RETURN Assessment Year
FORM
ITR-1 [For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having
Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand]
SAHAJ [Not for an individual who is either Director in a company or has invested in unlisted equity shares]
2021 - 2 2
(Refer instructions for eligibility)

PART A GENERAL INFORMATION

Name Date of Birth Aadhaar Number (12 digit)/Aadhaar Enrolment Id (28 digit) (If eligible for
PAN Aadhaar)
D DM M Y Y Y Y
Mobile No. Email Address Address: Flat/Door/Block No. Name of Premises/Building/Village Road/Street/Post
Office Area/locality Town/City/District State Country Pin code
Filed u/s (Tick)  139(1)-On or before due date, 139(4)-Belated, 139(5)-Revised, Nature of employment-
[Please see instruction]  119(2)(b)- after condonation of delay.  Govt.  PSU  Pensioners  Others
Or Filed in response to notice u/s  139(9),  142(1),  148, 153A  153C
If revised/defective, then enter Receipt No. and Date of filing original return ( DD/MM/YYYY) / /
If filed in response to notice u/s 139(9)/142(1)/148/153A/153C or order u/s 119(2)(b) - enter Unique Number & Date of such Notice or Order //
PART B GROSS TOTAL INCOME Whole- Rupee( ) only
B1 i Gross Salary (ia + ib + ic) i 17,50,000
a Salary as per section 17(1) ia 12,00,000
b Value of perquisites as per section 17(2) ib 3,00,000
c Profit in lieu of salary as per section 17(3) ic 2,50,000
SALARY / PENSION

ii Less allowances to the extent exempt u/s 10 (drop down to be provided in e-filing utility) ii -
iii Net Salary (i – ii) iii 17,50,000
iv Deductions u/s 16 (iva + ivb + ivc) iv 52,500
a Standard deduction u/s 16(ia) iva 50,000
b Entertainment allowance u/s 16(ii) ivb -
c Professional tax u/s 16(iii) ivc 2,500
v Income chargeable under the head ‘Salaries’ (iii – iv) B1 16,97,500
B2 Tick applicable option  Self Occupied  Let Out  Deemed Let Out
i Gross rent received/ receivable/ letable value during the year i -
ii Tax paid to local authorities ii -
PROPERTY

iii Annual Value (i – ii) iii -

HOUSE

iv 30% of Annual Value iv -

v Interest payable on borrowed capital v 1,75,000
vi Arrears/Unrealised rent received during the year less 30% vi -
vii Income chargeable under the head ‘House Property’ (iii – iv – v) + vi B2 ( ) -1,75,000
B3 Income from Other Sources (drop down to be provided in e-filing utility specifying nature of income) -
Less: Deduction u/s 57(iia) (in case of family pension only) B3 -
B4 Gross Total Income (B1+B2+B3) (If loss, put the figure in negative) B4 ( ) 15,22,500
PART C – DEDUCTIONS AND TAXABLE TOTAL INCOME (Refer instructions for Deduction limit as per Income-tax Act)
80C 1,50,000 80D 80G Drop down to be provided in e-filing 80GGA Drop down to be provided in e-filing 80TTA
25,000 utility specifying name, address and PAN utility specifying name, address and
of donee, amount of donation and amount PAN of donee, amount of donation
eligible for and amount eligible for deduction
deduction
80TTB 80CCF 50,000 Total Total Income
2,25,000 12,97,500
deductions (B4-C1)
C1 C2
Exempt Income: For reporting purpose Drop down to be provided in e-filing utility mentioning nature of exempt income, relevant clause and section
PART D – COMPUTATION OF TAX PAYABLE
D1 Tax payable on total income 2,01,750 D2 Rebate u/s 87A - D3 Tax after Rebate 2,01,750
D4 Health and education Cess @ 8,070 D5 Total Tax and Cess 2,09,820 D6 Relief u/s 89(1) -
4% on D3
D7 Interest u/s 234A - D8 Interest u/s 234B - D9 Interest u/s 234C -
D10 Fee u/s 234F - D11 Total Tax, Fee and Interest (D5+D7+D8+D9+D10 – D6) 2,09,820
D12 Total Taxes Paid 0 D13 Amount payable 2,09,820 D14 Refund 0
(D11-D12) (if D11>D12) (D12-D11) (if D12>D11)
PART E – OTHER INFORMATION Details of all Bank Accounts held in India at any time during the previous year (excluding dormant accounts)
Sl. IFS Code of the Bank Name of the Bank Account Number (tick one account  for refund)
I
II
Schedule-IT Details of Advance Tax and Self-Assessment Tax payments
BSR Code Date of Deposit (DD/MM/YYYY) Serial Number of Challan Tax paid
Col (1) Col (2) Col (3) Col (4)
R1
R2
Schedule-TDS Details of TDS/TCS [As per Form 16/16A/16C/27D issued by the Deductor(s)/ Employer(s)/ Payer(s)/ Collector(s)]
TAN of deductor/Collector Name of the Deductor/ Gross payment/ receipt which is subject Year of tax deduction/ Tax Deducted/ TDS/TCS credit out of (5)
or PAN of the Tenant Collector/Tenant to tax deduction /collection Collection collected claimed this Year
Col (1) Col (2) Col (3) Col (4) Col (5) Col (6)
T1
T2

VERIFICATION
Stamp Receipt No., Seal, I, son/ daughter of solemnly declare that to the best of my knowledge and belief, the information given
Date & Sign of Receiving in the return is correct and complete and is in accordance with the provisions of the Income-tax Act, 1961. I further declare that I am making this return
Official in my capacity as (drop down to be provided in e-filing utility) and I am also competent to make this return and verify it. I am
holding permanent account number .(Please see instruction).
Date: Signature:

If the return has been prepared by a Tax Return Preparer (TRP) give further details below:
Identification No. of TRP Name of TRP Counter Signature of TRP

If TRP is entitled for any reimbursement from the Government, amount thereof
 INDIAN INCOME TAX RETURN Assessment Year
FORM
ITR-1 [For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having
Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand]
SAHAJ [Not for an individual who is either Director in a company or has invested in unlisted equity shares]
2021 - 2 2
(Refer instructions for eligibility)

PART A GENERAL INFORMATION

Name Date of Birth Aadhaar Number (12 digit)/Aadhaar Enrolment Id (28 digit) (If eligible for
PAN Aadhaar)
D DM M Y Y Y Y
Mobile No. Email Address Address: Flat/Door/Block No. Name of Premises/Building/Village Road/Street/Post
Office Area/locality Town/City/District State Country Pin code
Filed u/s (Tick)  139(1)-On or before due date, 139(4)-Belated, 139(5)-Revised, Nature of employment-
[Please see instruction]  119(2)(b)- after condonation of delay.  Govt.  PSU  Pensioners  Others
Or Filed in response to notice u/s  139(9),  142(1),  148, 153A  153C
If revised/defective, then enter Receipt No. and Date of filing original return ( DD/MM/YYYY) / /
If filed in response to notice u/s 139(9)/142(1)/148/153A/153C or order u/s 119(2)(b) - enter Unique Number & Date of such Notice or Order //
PART B GROSS TOTAL INCOME Whole- Rupee( ) only
B1 i Gross Salary (ia + ib + ic) i 7,93,500
a Salary as per section 17(1) ia 2,94,000
b Value of perquisites as per section 17(2) ib 4,85,100
c Profit in lieu of salary as per section 17(3) ic 14,400
SALARY / PENSION

ii Less allowances to the extent exempt u/s 10 (drop down to be provided in e-filing utility) ii -
iii Net Salary (i – ii) iii 7,93,500
iv Deductions u/s 16 (iva + ivb + ivc) iv 52,500
a Standard deduction u/s 16(ia) iva 50,000
b Entertainment allowance u/s 16(ii) ivb -
c Professional tax u/s 16(iii) ivc 2,500
v Income chargeable under the head ‘Salaries’ (iii – iv) B1 7,41,000
B2 Tick applicable option  Self Occupied  Let Out  Deemed Let Out
i Gross rent received/ receivable/ letable value during the year i -
ii Tax paid to local authorities ii -
PROPERTY

iii Annual Value (i – ii) iii -

HOUSE

iv 30% of Annual Value iv -

v Interest payable on borrowed capital v -
vi Arrears/Unrealised rent received during the year less 30% vi -
vii Income chargeable under the head ‘House Property’ (iii – iv – v) + vi B2 ( ) -
B3 Income from Other Sources (drop down to be provided in e-filing utility specifying nature of income) -
Less: Deduction u/s 57(iia) (in case of family pension only) B3 -
B4 Gross Total Income (B1+B2+B3) (If loss, put the figure in negative) B4 ( ) 7,41,000
PART C – DEDUCTIONS AND TAXABLE TOTAL INCOME (Refer instructions for Deduction limit as per Income-tax Act)
80C 1,43,127 80D Drop down to be provided 80G Drop down to be provided in e-filing 80GGA Drop down to be provided in e-filing 80TTA
in e-filing utility utility specifying name, address and PAN utility specifying name, address and
of donee, amount of donation and amount PAN of donee, amount of donation
eligible for and amount eligible for deduction
deduction
80TTB Any Other Drop down to be provided
Deduction in e-filing utility
Total Total Income
1,43,127 5,97,873
(Please deductions (B4-C1)
specify
section)
C1 C2
Exempt Income: For reporting purpose Drop down to be provided in e-filing utility mentioning nature of exempt income, relevant clause and section
PART D – COMPUTATION OF TAX PAYABLE
D1 Tax payable on total income 32,075 D2 Rebate u/s 87A - D3 Tax after Rebate 32,075
D4 Health and education Cess @ 1,283 D5 Total Tax and Cess 33,358 D6 Relief u/s 89(1) -
4% on D3
D7 Interest u/s 234A - D8 Interest u/s 234B - D9 Interest u/s 234C -
D10 Fee u/s 234F - D11 Total Tax, Fee and Interest (D5+D7+D8+D9+D10 – D6) 33,358
D12 Total Taxes Paid 0 D13 Amount payable 33358 D14 Refund 0
(D11-D12) (if D11>D12) (D12-D11) (if D12>D11)
PART E – OTHER INFORMATION Details of all Bank Accounts held in India at any time during the previous year (excluding dormant accounts)
Sl. IFS Code of the Bank Name of the Bank Account Number (tick one account  for refund)
I
II
Schedule-IT Details of Advance Tax and Self-Assessment Tax payments
BSR Code Date of Deposit (DD/MM/YYYY) Serial Number of Challan Tax paid
Col (1) Col (2) Col (3) Col (4)
R1
R2
Schedule-TDS Details of TDS/TCS [As per Form 16/16A/16C/27D issued by the Deductor(s)/ Employer(s)/ Payer(s)/ Collector(s)]
TAN of deductor/Collector Name of the Deductor/ Gross payment/ receipt which is subject Year of tax deduction/ Tax Deducted/ TDS/TCS credit out of (5)
or PAN of the Tenant Collector/Tenant to tax deduction /collection Collection collected claimed this Year
Col (1) Col (2) Col (3) Col (4) Col (5) Col (6)
T1
T2

VERIFICATION
Stamp Receipt No., Seal, I, son/ daughter of solemnly declare that to the best of my knowledge and belief, the information given
Date & Sign of Receiving in the return is correct and complete and is in accordance with the provisions of the Income-tax Act, 1961. I further declare that I am making this return
Official in my capacity as (drop down to be provided in e-filing utility) and I am also competent to make this return and verify it. I am
holding permanent account number .(Please see instruction).
Date: Signature:

If the return has been prepared by a Tax Return Preparer (TRP) give further details below:
Identification No. of TRP Name of TRP Counter Signature of TRP

If TRP is entitled for any reimbursement from the Government, amount thereof
 Assignment 3 – Investments

1. All the students(groups) have solved 2 problems on Income tax

calculation. Now, till those calculated details in ITR-1 Form, which is
attached.
2. Assume a suitable salary package for your new job which you would start
after your degree. Prepare an investment plan for first 5 years from your
estimated savings using the format given below:-

I assume that I’ll get a package of 25 lakh per year and in hand I’ll receive
about 18 Lakhs.

Yr Investmen Investmen Time Expecte Expecte Maturity

. t t Perio d Return d Return Amt.
Product Amt. d per Yr. per Yr.
(Yrs.) (%) (Amt.)
1 Life 8,19,217 15 8 8,00,000 11,73,00,000
Insurance
Insurance
Cryptocurre 50,000 1 Can’t say 15000 65000
ncy Expected:
30%
Mediclaim 25,000 1 - - -

2. Life 4,65,871 16 12 Lump- 2,70,00,000

Insurance sum
maturity
Gold 2,00,000 - - - >
2,00,000
Mediclaim 25,000 1 - - -

3. Property 1,00,00,000 - - - 2,00,00,000

 Mediclaim 25000 - - - -
FD 500000 1 5 25000 5,25,000

4. Life 50,000 25 5.5 2,750 17,00,00

Insurance 0
Mediclaim 25,000 - - - -

5. Mediclaim 25,000 - - - -
FD 1,00,000 1 5 5,000 1,05,000