ITR -1 Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources :
1.Income from Salary/Pension
2.Income from One House Property (excluding cases where loss is brought forward from previous years)
3.Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
4.In the case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income is limited to the above specifications.
5.Who cannot file ITR 1 for AY 2019-20
6.An individual having income above Rs 50 lakh cannot use this form.
how it work
Who Have Earned Income Through The Following Means Are Not Eligible
To File Form Itr 1
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The process begins only when the employee’s generated sheet fulfils all the requirements of the
employment status and Department of Labor (DOL) verification. This is followed to do a proper
payment settling. This process begins from the first employee. The pay period is to be calculated
by including the employees hours and pay rate. The deductions include state and federal taxes,
unemployment, and insurance.
How is it processed?
The manual method might be time consuming and error prone. As the calculation of extra
working time, overtime are to be carried forward manually. There are free online software
available to calculate the payroll. The processing comprises of three steps.
Company Registration Procedural steps
Step 1: Collect timesheet
Step 2: Calculate Income & Deductions
Step 3: Pay Employees
The first and foremost step is to be clear with the time worked for in a uniform pay sheet format. Many times different employers use different methods such as
In a manual process, one person will have to enter the time on each employee time card. This
might hardly consume 15 to 20 minutes of your busy scheduling. It is better to use a electronical
Calculate Income & Deductions
Upload the data electronically or feed the data to the payroll system or software. The software is
of two different types where the daily timecard calculation can be done by updating the next
day data. Or calculate all in one shot for each and every employee.
Count the hours worked:
Calculating and verifying the worked hours with the actual contract hours.
Determine the overtime:
The employee’s timesheet has to be verified and overtime calculations are to be made. The over time is paid as half the full day amount.
Calculate the gross pay:
Calculate by multiplying pay rate time the employer has worked for. Just ensuring the employee’s straight work time and overtime worked along with overtime hours.
Regular pay+ overtime pay= gross pay
The correct verification is to be ensured.
Tax deductions such as Benefits, taxes and insurances are to be reduced from the gross pay
Net Pay Calculation
The net pay is calculated by gross pay amount and subtracting the deductions, you reach in Net
Direct Deposit Or
First step is to calculate the timecards and verify for correct entry of each employee. Second step is to input the number of hours worked and deductions to be determined from the gross pay. Third step follows as make sure there’s enough money in the payroll account. Fourth step is to print and hand out the paychecks or employees receive direct deposit.