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): Enter salary as appeared in Part B of Form 16.

B1(i)(b): Value of perquisites as per section 17(2): 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):

B1(ii): Less allowances to the extent exempt u/s 10.

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

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

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

B1(iv)(c) Professional tax u/s 16(iii) Please enter the amount of Professional tax paid which is admissible as deduction u/s 16(iii) (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

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).

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