# 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.
Note: ITR -1 should be selected if you are salaried employee.
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.
Click here, to download content in a document.
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,
- Open the following website link - https://www.incometaxindiaefiling.gov.in/
- Login with your corresponding credentials. Hope you are already registered.
- Find the Dashboard and Select on the “Filing of Income Tax Return” tab after login.
- Select the appropriate fields if you are filing tax for this Financial Year.
- You need to fill the six tabs to complete the income tax filing.
- 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 = 866226Step 2:
Fill B2 – (v) Interest Payable on borrowed capital field, if you avail home loan. Eg. 115,778Step 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.
Click here, to download content in a document.
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