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if you want to file ITR for year 2017-18 year file it after 31 march
2018 and before September.
How much tax you should pay depends upon the tax slab applicable to your
income. Income tax is calculated on the basis of these tax slabs.
Income from salary is the sum of Basic salary + HRA + Special Allowance +
Transport Allowance + any other allowance. Some components of your salary are
exempt from tax, such as medical reimbursements, telephone bills reimbursement.
If you receive HRA and live on rent, you can claim exemption on HRA. Calculate
exempt portion of HRA, by using this HRA Calculator
Neha has income from interest from savings account of Rs 8,400 and a fixed
deposit interest income of Rs 10,000 during the year. Neha has made some
investments to save income tax. PPF investment of Rs 50,000. ELSS purchase of
Rs 20,000 during the year. LIC premium of Rs 8,000. Medical insurance paid of Rs
12,000. Here are the deductions Neha can claim.
Amount
Natur Maximum
Eligible investments/expenses claimed
e Deduction
by Neha
PPF deposit Rs 50,000, ELSS
investment Rs 20,000, LIC
Sectio Rs
Rs.1,50,000 premium Rs 8,000. EPF deducted
n 80C 1,50,000
by employer(Nehas contribution)
= Rs 50,000 *12% *12 = 72,000
Rs 25,000
Sectio for self Rs Medical insurance premium Rs Rs
n 80D 30,000 for 12,000 12,000
parents
Sectio
n 10,000 Savings account interest 8,400 Rs. 8,400
80TTA
Can you claim both HRA & deduction on home loan interest?
Guide to printing and sending ITR-V to CPC - Bangalore
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The password is your PAN number in lower letters along with date
of birth.
Example:
PAN: AAAPA1111F
Date of birth: 01/01/1975
Password: aaapa1111f01011975
What is ITR-V?
ITR-V is a one page document, which you need to sign in BLUE INK
and send via ordinary post or speed post. You cannot courier the
ITR-V.
Enter your email address below and well make sure you dont
forget!
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