Complete Guide to file ITR-1

Part-B Gross Total income

B(i): Gross salary:- It is the sum total of money you earn from your employer. Please fill salary details as per your form 16.

B(i)(a):Salary as per section 17(1) (of Income Tax Act, 1961): Enter salary as appeared in Part B of Form 16.

B1(i)(b): Value of perquisites as per section 17(2) (of Income Tax Act, 1961): Perquisites is a benefit which one enjoys in the employment. enter the Value of perquisites as per Part B of Form 16

B1(i)(c):Profits in lieu of salary as per section 17(3) (of Income Tax Act, 1961):

B1(ii): Less allowances to the extent exempt u/s 10 (of Income Tax Act, 1961).

B1(iv) Deductions u/s 16 (of Income Tax Act, 1961): It will be auto populated when you fill(iva + ivb + ivc)the following three fields.

B1(iv)(a):Standard Deduction u/s 16(ia) (of Income Tax Act, 1961) Please enter the Standard Deduction admissible u/s 16(ia) (of Income Tax Act, 1961) (as per Part B of Form 16)

B1(iv)(b) Entertainment allowance u/s 16(ii) (of Income Tax Act, 1961) Please enter the amount of Entertainment allowance admissible as deduction u/s 16(ii) (of Income Tax Act, 1961) (as per Part B of Form 16)

B1(iv)(c) Professional tax u/s 16(iii) (of Income Tax Act, 1961) Please enter the amount of Professional tax paid which is admissible as deduction u/s 16(iii) (of Income Tax Act, 1961) (as per Part B of Form 16)

B1(v) Income chargeable under the Head ‘Salaries’ (iii - iv) This is an auto-populated field representing the net amount, after claiming deductions under section 16 (of Income Tax Act, 1961)

Please check the link to know the calculation of salary

Income from house Property:

B2 Type of house property:

Is your house propery used for residence? select self-occupied.

Are you receiving rent from the house property? select Let out

Are you holding more than one house property? Select deemed let out u/s 23(4) (of Income Tax Act, 1961).

B2(i) Gross rent received/ receivable/ lettable value during the year: Enter the amount of rent you received during the year.

B2(ii) Tax paid to local authorities: Enter property tax you actually paid during the year.

B2(iii) Annual Value (i – ii) This is an auto populated field after you enter amount in i & ii.

B2(iv) 30% of Annual Value: Enter 30% of B2(iii).

B2(v) Did you pay any interest in respect of loan taken to acquire/ construct/ repair/ renew/ reconstruct, enter the actual amount of interest payable on such borrowed capital.

If your house is self occupied the amount of interest payable on borrowed capital shall be restricted to Rs. 2 lakh or 30 thousand,

B2(vi) Arrears/Unrealized Rent received during the year Less 30%: Have you received rent for the pervious year? if yes then enter the amount deducting 30% of such amount.

B2(vii) Income chargeable under the head ‘House Property’ This is an auto-populated field which represents the income from your House Property.

B3 Income from other source:

 Here you have to enter the income other than salary and house property. Income from other source can be any of the following:-

Interest from Savings Bank Account

Interest from Deposit

Interest from Income Tax Refund

Family pension you will get deduction of Rs. 50,000 or amount received whichever is less.

Any Other- enter the nature of income

It is your total income. You will be liable to pay tax on this total income after the deduction under clause VI-A.

Hope it helps you