How to file income tax online (FY 2018-19) in 3 easy steps

# Little Savings

There are couple of ways to file the income tax. I am going to explain the standard and trusted way of e-filing. 

Have these details in hand before filing tax. These are available from your Tax sheet. 

In flow: 
Total Salary + Bonus - 8,96,387.00 + 82,000 (Basic, HRA, Conveyance, LTA, EA, MA, OA, Food Coupons) 

Out flow: 
HRA – 48,765 
 Sodexho – 18,000 
 Home Loan Interest – 2,00,000 
 Prof Tax – 2,498 
 Medical Deduction – 40,000 
 Others – 2,898 

80C (you can avail upto 1.5 Lakhs) 
EPF – 21,600 
PPF – 50,000 
Home Loan (Principle) – 78,400 

80D 
Medical Insurance Premium – 25000 

Note: Above figures are for indicative purpose only. 

Income Tax Calculator for the people who need to submit the Tax for the old and new company.

Here it starts,

1. Open the following website link - https://www.incometaxindiaefiling.gov.in/
2. Login with your corresponding credentials. Hope you are already registered.
3. Find the Dashboard and Select on the “Filing of Income Tax Return” tab after login.

4. Select the appropriate fields if you are filing tax for this Financial Year.

Note: ITR -1 should be selected if you are salaried employee.

5. You need to fill the six tabs to complete the income tax filing.
6. I am going to explain about how to fill the “Computation of Income and Tax” tab, the remaining tabs need your personal details.

3 easy steps:

Step 1:

Fill B1 – (i) Salary field by the following calculation. = Total Salary + Bonus – HRA – Sodexho – Prof Tax – Medical Standard Deduction – Others (Edu Exempt & Tax on employment) = 896387 + 82000 – 48765 – 18000 – 2498 – 40000 – 4898 = 866226

Step 2:

Fill B2 – (v) Interest Payable on borrowed capital field, if you avail home loan. Eg. 115,778

Step 3:

In the part C, fill your respective claims under Section 80C & 80D. 
Eg: 80C – 1,50,000(EPF + PPF + Home Loan Principle)

80D -Medical Insurance Premium – 25,000 

Note: 80GG will be applicable if you don’t receive HRA. 80EE will be applicable, if you are the first time house buyer and the loan must be sanctioned between 01.04.2016 to 31.03.2017

Hope in the coming posts, I'll give some insights on the Tax Plan. 

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