How to file Income Tax Form 1 with Interest Income?

How to file ITR-1 with Rental Income?

Budget 2021 update :It has been proposed to exempt the senior citizens from filing income tax returns if pension income and interest income are their only annual income source. Section 194P has been newly inserted to enforce the banks to deduct tax on senior citizens more than 75 years of age who have a pension and interest income from the bank.

The form ITR-1 allows individual residents in India to file an income tax return for income up to Rs 50 lakh. You can report income from salary, one house property, other sources and agricultural income up to Rs 5,000. In this article, we will tell you the procedure for filing your income tax return with rental income through ITR-1.

Details of an individual taxpayer

Enter your complete name, gender, date of birth, PAN and father’s name. You need to enter their postal address, mobile number, and e-mail address as well.

Upload form 16 for income from salaries

Declare your ‘income sources’. You must report the income from the salary. The details include:

  • Name of the employer
  • Type of employer
  • Break-up of income from salary
  • TDS on salary
  • TAN of employer

Alternatively, you can upload your form 16 PDF. The details of your salary get auto-populated.

Details of other income

Enter the details of your interest income, dividend and any other income other than income from business or profession or capital gains.

Details of house property

In case of a self-occupied property, mention details about:

  • Interest on housing loan paid/payable on housing loan on the property.
  • interest paid during the pre-construction period.
  • Address of the house property.
  • For a co-ownership, the name, PAN and percentage of share of co-owners in the property.

You can specify the details of the co-owners as below: In the case of a property let-out on rent, you can furnish the details below:

  • Annual rent received/receivable.
  • House tax, or municipal tax paid.
  • Name of the tenant and PAN of the tenant.
  • Interest paid/payable on housing loan on the property.
  • Pre-construction period interest.
  • Address of the property and details of co-owners if any.

In the case of a deemed to be let out property, mention the estimated annual rent receivable and other details similar to a let-out property.

Details of capital gains and business or profession

Enter the details of capital gains from the sale of any capital asset and income from business or profession.

Details of tax deductions

  • Mention the total of your investments and payments for deduction under section 80C.
  • Amount of interest on savings accounts for deduction under section 80TTA.
  • Amount of donations for deduction under section 80G.
  • The medical insurance premium paid for deduction under section 80D.
  • Interest on education loan for deduction under section 80E.
  • Other payments which are eligible for tax deductions such as contribution to NPS, other donations and expenditures.

Details of taxes paid and tax filing

  • Mention the TDS on salary income
  • Details of TDS on income other than salary
  • TDS on sale of immovable property
  • TCS collected from you
  • Advance tax paid
  • Self-assessment tax paid

After you submit the details of your income and tax/TDS, you can proceed to e-filing your income tax return.


For more info Visit TAXAJ
Posted By :- Anuj (Team Taxaj)

    • Related Articles

    • 10 Reasons Why You Should File an ITR

      The CBDT is constantly explaining to citizens why is it essential to file income tax returns by conducting various drives. Yet, citizens are hesitant to file income tax returns and are unaware of benefits they may procure from filing income tax ...
    • Which ITR - Income Tax Return to File?

      A tax return is defined as a form or different types of forms filed with a taxing authority which reports income, expenses, and other pertinent tax information. Tax returns make it simple for taxpayers to calculate their tax liability, schedule tax ...
    • How To File ITR For Salaried Person

      Filing income tax returns promptly is an all-important financial exercise for salaried individuals in India. However, the procedure for filing returns remains fenced by several misconceptions and a general lack of information. So today, we shed light ...
    • How to File ITR on Income Tax Portal

      An income tax return is a form that enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes etc. The Income Tax Act, 1961 makes it mandatory under various scenarios for a taxpayer to file an income tax return. An income ...
    • How to file Income Tax Return of Non- Resident

      A Non-Resident Indian (NRI) is a citizen of India or a person of Indian origin who is not a resident in India. In this article, we review the requirements governing income tax return filing by NRIs. The question of whether NRIs should file a return ...