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ITR1-Sahaj AY 2021-22 Senior Citizen having Pension, and Interest Income

Total Income and Tax computation for Senior Citizen as per Normal Provisions (existing tax regime) and as per u/s (new tax regime) and how can a senior citizen file their ITR Form - ITR-Sahaj AY 2021-22

Income Tax Department has recently introduced the new Income Tax portal to ease the compliance and to make the portal more user-friendly. How can senior citizen compute their total income and tax liability for the assessment year 2021-22 and file their ITR1-Sahaj for AY 2021-22.

Computation of Income and Tax as per Normal Provisions and as per New Tax Regime u/s 115BAC is required to be calculated in order to determine the beneficial tax regime.

Allowable deduction from salary as per section 16 of IT Act

Here in the below illustration, we have calculated Total Income and Tax computation for Senior Citizen as per Normal Provisions (existing tax regime) and as per u/s 115BAC (new tax regime) and how can a senior citizen file their ITR Form – ITR1-Sahaj AY 2021-22.

Illustration:

Mrs. A has earned a pension of Rs.4,03,368/- during the previous year 2020-21. Along with Pension, she has earned interest on Saving Bank Accounts of Rs.4,200/- and Interest on the Fixed Deposits of Rs.1,15,706/-.

She has also purchase a Mediclaim policy of Rs.15,222/- during the previous year.

Determine the Total Income and Income Tax as per Normal Provisions and as per Section 115BAC for the Assessment Year 2021-22.

Filing of ITR under the seventh proviso to section 139(1)

Computation of Total Income [As per Normal Provisions]

Particulars Amount (Rs.)
Income from Salary (Chapter IV A) 353368
Employer Status: Govt.  
REGIONAL OFFICE NEW DELHI  
Salary403368 
Less: Standard Deduction u/s 16(ia)50000 
 353368 
   
Income from Other Sources (Chapter IV F) 119906
Interest From Saving Bank A/c4200 
Interest on F.D.R.115706 
 119906 
   
Gross Total Income 473274
   
Less: Deductions (Chapter VI-A)  
u/s 80TTB (Interest from Saving Bank Account & FDR.)50000 
u/s 80D (payment Rs. 15222/-)5000 
  55000
Total Income 418274
Round off u/s 288 A 418270

Adjusted total income (ATI) is not more than Rs. 20 lakhs hence AMT not applicable.

Due date extended TDS Q4 FY 2020-21, Issue Form16, ITR AY 2021-22

Computation of Tax as per Normal Provisions

ParticularsAmount (Rs.)
Tax Due (Exemption Limit Rs. 300000)5914
Tax calculation on Normal income of Rs 418274/- 
Exemption Limit :300000 
Tax on (418274-300000) =118274 @5% = 5914 
Total Tax = 5914 
Rebate u/s 87A5914
 0
T.D.S./T.C.S8832
 -8832
Refundable (Round off u/s 288B)8830

All about ITR-1 offline utility AY 2021-22

Computation of Total Income [As per Section 115BAC (New Tax Regime)]

Particulars Amount (Rs.)
Income from Salary (Chapter IV A) 403368
Employer Status: Govt.  
REGIONAL OFFICE NEW DELHI   
Salary403368 
Less: Standard Deduction u/s 16(ia)NA 
 403368 
   
Income from Other Sources (Chapter IV F) 119906
Interest From Saving Bank A/c4200 
Interest on F.D.R.115706 
 119906 
   
Gross Total Income 523274
   
Less: Deductions (Chapter VI-A)  
u/s 80TTB (Interest from Saving Bank Account & FDR.)NA 
u/s 80D (payment Rs. 15222/-)NA 
  NA
Total Income 523274
Round off u/s 288 A 523270

Income Tax Computation Normal Provisions vs New Tax Regime u/s 115BAC

Computation of Tax as per Normal Provisions

ParticularsAmount (Rs.)
Tax Due (Exemption Limit Rs. 250000)14827
Tax calculation on Normal income of Rs 523274/- 
Exemption Limit :250000 
Tax on (500000 -250000) = 250000 @5%  = 12500 
Tax on 500001 to 523274 = 23274 @10%  = 2327 
Total Tax = 14827 
Health & Education Cess (HEC) @ 4.00%593
Tax15420
Rebate u/s 87ANA
  
T.D.S./T.C.S8832
 6588
Deposit u/s 140A6590
Tax Payable6590

How to check the status of Income Tax – TDS – TCS Challan Paid

Considering the above computation as per Normal Provisions, below is the procedure to file ITR1-Sahaj AY 2021-22.

ITR-Sahaj AY 2021-22
ITR-Sahaj AY 2021-22

How to pay Income Tax Challan No.280/ITNS 280 Offline

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