E-filing For Income Below Rs. 5 Lakh

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August 8, 2016 at 6:19 pm #81806

Anonymous
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pls,clarify,in which head HBL INTEREST in ITR-I( e-fillling)calculate or deducted,as HBL principal come under 80 C

August 9, 2016 at 2:37 pm #81809

Anonymous
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@Arunavaaa nandy There is no head to show your HBL Interest Amount in ITR-I for efiling. The Gross Total Income is calculated after deducting the PTax (u/s 10) and HBL Interest (u/s 24b). See the Format of Form 16 to understand it clearly.

August 9, 2016 at 6:04 pm #81812

Anonymous
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that means in ITR -1 Form ,
Income from Salary / Pension =Gross Salary—(P.Tax+HBL interest)

August 10, 2016 at 6:50 pm #81815

Anonymous
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Yes. Follow this ……
Gross salary _ PT _ HBL interest (if any) _ HRA exempted( if any) _ Mediclaim (if any) = INCOME, _ Savings including GPF,PPF,LIC,HBL Principle, Tution fees of children etc (up to Rs. 150,000/-) _ 250000/- (SD) = Taxable income.
First up to 250000/-@10%, Second 500000/- @20%, Rest 30% ( we can not get much salary so that we have to pay /calculate second and third phase). Now _2000/- as rebate for 15-16 FY. Now calculate 3% Cess of the balance. that is your payable tax.
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