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How to file the ITR on rental property income? Learn the step-by-step process here

Sagar Patel

By Sagar Patel

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Easy way to file income tax return

The last date to file Income Tax Return (ITR) is approaching on July 31. Many employed people are wondering how to file their ITR as per ITR-1, especially if they earn money by renting out a property. Here is a complete and detailed guide on how to file ITR-1. Let us know. Before that, let us understand which people are required to file ITR-1 form.

Who should use Form ITR-1?

If your income comes from sources such as salary, rent and interest or dividends from shares, you will need to fill out the ITR-1 form. Also, if your agricultural income is less than Rs 5,000, you can include it under other sources. For employed persons, most of the information will already be filled in the form, provided you have provided that information to your company’s HR department.

Understand the step-by-step process here

  • Go to the portal and log in.
  • Then go to the electronic filing option > Income Tax Return > File Income Tax Return.
  • Select the assessment year 2024-25, choose the online submission mode and click Continue.
  • Then select Individual and click Continue.
  • After that, select ITR-1 and continue.
  • Mention the reason for filing the ITR.
  • After that, provide all the information requested there, such as personal information, total gross income, total deduction tax paid, and total tax liability.
  • After that verify your ITR. For this, you will have the option of Aadhaar authentication. An OTP will be sent to your registered mobile number and the ITR will be verified.

How many days will it take to receive my refund?

According to the Income Tax Department, it usually takes 4-5 weeks for your income tax refund to be processed and credited to your account. Remember, you must e-verify your return to get your refund. Many people forget to do the e-verification, resulting in a delay in getting their refund.

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What to do if the refund fails?

If your refund is not credited within 4 to 5 weeks, check the refund status on the Income Tax Department website. If the status shows that the refund was not issued, you can request a refund again through the website.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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