The first step to file your ITR-1 with a house property loan is to enter your personal information in the first tab called ‘Personal Info’. The details that must be entered in this section include your first name, middle name and last name, gender, address, date of birth, etc.
Sources of Income:
After entering your personal information, you will have to visit the second tab titled ‘Income Sources’. Under the main head, there are five other tabs such as Salary, Other Income, House Property, Capital Gain, and Business and Profession. First you must enter information related to your income from salaries either by uploading your Form 16 or manually inputting your taxable salary along with details of your employer.
Locating Taxable Income:
Next, you will have to locate your taxable income in Form 16 after which you will have to enter the Salary TDS amount along with the details of your employer. In case you have shifted hobs during the course of the year, the salary from both employers must be mentioned in the appropriate section.
Income from Other Sources:
Next, you will have to input information regarding your other incomes, such as gifts, fixed deposits, bank accounts, etc., following which your exempt incomes, if any, must also be mentioned, such as interest from PPF account, ULIPs, mutual funds, agricultural income, etc.
Interest on Home Loan:
In case you have availed a home loan on a property you have occupied yourself, the interest on the loan must be declared. The address of the property along with co-owners, if any, must also be mentioned.
Next, you will have to input the overall deductions you are eligible for under Section 80C, like mutual funds, LIC, etc. All other deductions that are applicable must be declared in the ‘More Deductions’ tab. Make sure that you enter all deductions accurately as failure to do so can result in problems later on.
ClearTax can import your TDS entries automatically from the Income Tax Department. In case you deposited tax through Challan 280 (self-assessment tax) yourself, details regarding the same must be added as well.
Once you have completed the aforementioned steps, you can review your return by simply downloading the ClearTax word-report or the ITR PDF. Your returns will be submitted to the Income Tax Department once you press the big green button.
- Income Tax Return
- Income Tax Refund
- Income Tax Refund Status
- ITR-V to Income Tax Department
- Send ITR-V to CPC Bangalore
- Difference & Uses of ITR-1 and ITR-2A and ITR-2
- ITR 2A
- File Salary in ITR1 or ITR2
- ITR Utility for Income Tax Filing
- File ITR1 with Rental Income
- File ITR1 with House Property Loan
- Which ITR Form to File
- Agriculture in Union Budget
- Union Budget for Rural Sector
- Budget for Youth Employment
- Budget for Health Care Sector
- Railway Budget
- Union Budget for Energy Sector
- Union Budget for Financial Sector
- Fiscal Situation
- Funding of Political Parties in Budget
- Union Budget for Defence Sector
- Union Budget Expenditure
- Union Budget Receipts
- Budget Appropriation Bill
- Finance Bill
- Union Budget Analysis
- Union Budget for Senior Citizen
- Union Budget for Logistics Sector
- Maternity Benefits from Union Budget
- Income Tax
- Income Tax Slab
- Sales Tax
- Service Tax
- Goods and Service Tax (GST)
- Income Tax Calculator
- e-Filing ITR
- Form 16
- House Rent Allowance (HRA)
- HRA Calculation
- Income From House Property
- How To Calculate Income Tax
- How To Pay Income Tax Online
- Which ITR To File
- Challan 280
- Minimum Alternate Tax
- Tin Number
- Uninon Budget
- Income Declaration Scheme