E-filing For Income Below Rs. 5 Lakh

[Arunavaaa nandy]

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

[gpgarain]

[USER=5527]@Arunavaaa nandy[/USER] 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.

[Arunavaaa nandy]

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

[mihiracharya]

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.