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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.
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.
Declare your ‘income sources’. You must report the income from the salary. The details include:
Alternatively, you can upload your form 16 PDF. The details of your salary get auto-populated.
Enter the details of your interest income, dividend and any other income other than income from business or profession or capital gains.
In case of a self-occupied property, mention details about:
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:
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.
Enter the details of capital gains from the sale of any capital asset and income from business or profession.
After you submit the details of your income and tax/TDS, you can proceed to e-filing your income tax return.