How to Calculate Your Income Tax for Financial Year 2012 2013 in iMyGoals.Com

iMyGoals, an online financial planner in India, lets users plan their finances, by setting individual goals and analyzing these goals. This How-To article is a step-by-step guide on how to calculate your income tax for financial year 2012-2013.

Steps

    1
    Login to your iMyGoals account or register as a new user.
    2
    Go to “Calculators” tab. This is available as fourth button on the top bar. A click on this tab will take you to a new page where, a list of variety of useful calculators is given by iMyGoals.
    3
    Select “Taxes”. You can see, iMyGoals has given you different options for calculating your taxes under different financial year 2011-2012 and 2012-2013, and if you wish, you can calculate HRA Exemption as well.
    4
    Select"Calculate Your Income Tax For Financial Year 2012-2013".
 Fill all the required details one by one. 
        Select “Your Profile”. From the drop down you have to select your most appropriate profile based on your present age. (E.g. Select “Super Citizen” if you are doing this for a person whose age is above 80 years.)
        Fill “Sources Of Income”.
       Add all the required details in the tabs given. 
            Fill “Gross Salary”. Sum up your Basic, DA (Dearness Allowance) and other allowance & fill the data.
            Fill “Income From House”. If you have rented your house and it is generating some income, then add its value.
            Fill"Business Income". You have to fill only taxable income from your business income (If any.)
            Fill"Agricultural Income". Add income value from agriculture.(if any.)
            Fill"Short Term Capital Gains from Equity" (Less than 1 year): You have to enter the value of “Equity Mutual Funds and Stocks “sold within a year of purchase).
            Fill"Long Term Capital Gains from Equity" (More than 1 year): Fill the value of “Equity Mutual Funds and Stocks” sold after a year of purchase and not taxable.
            Fill"Short Term Capital Gains from non Equity Assets" (Less than 3 years). Enter the value of Asset sold within 3 years of purchase (E.g. house or land).
    5
    Click on “Arrow Mark”given at the end.
    This will take you to a new page where, you have to put other required details.(E.g.Slide- Employment Related Deductions Allowed). 
        Fill "Profession Tax Paid". Write the amount which, you have paid under professional tax.
        Fill "House Rent Allowance". Write the amount of HRA here. You can use our "HRA Calculator" by clicking on the same or using link https://www.imygoals.com/pdf/hra-calculator.php
        Fill "Conveyance Allowance".
       Here, the maximum amount you can put under this is rupees 9,600 per year.
        Fill "Medical Reimbursements" value.Again, the value which you will give here should not exceed rupees 15,000 per year.
        Fill "Other Tax Free Benefits"value.This will include only non taxable benefits. (E.g. meal vouchers or interest free loans. Check with your employer on the maximum limits.)
    6
    Click on “Arrow Mark”given at the end.
    This will take you to a new page where, you have to put other required details.(E.g.Slide- Loan Repayment Tax Benefits). 
        Fill "Home Loan Benefits". You have to provide your details under two tabs. 
            Total interest paid during year".
            .Write values up to rupees 1.5 lacs per year including eligible pre-EMI interest paid, if loan is taken after 1-April-1999 and house is constructed within 3 years. If loan is taken before 1-April-1999, then the limit is rupees 30,000.
            "Total principal repaid during year".Write values Up to rupees 1 lac per year under Sec 80C.
        Fill "Education Loan Benefits". Fill the total interest paid during year. While filling this, please consider that You should have taken the loan and benefits are available for interest paid for first 8 years of repayment only. There is no limit on interest allowed for deduction.
    7
    Click on “Arrow Mark”given at the end.
    This will take you to a new page where, you have to put other required details.(E.g.Slide- Tax Saving Investments During the Year). 
        Fill "Interest from Savings Bank Account".Value Up to rupees. 10,000 is eligible.
        Fill values of "Employee Provident Fund (EPF)".Ask your employer or write your own contribution, upto 12% of basic and DA.
        Fill "National Savings Certificate" (NSC).
        Fill "Other Tax Saving Schemes". Write the value of rupees under Post Office Account or Deposit, Senior Citizens Scheme.(If any)
        Fill "Bank Fixed Deposits".
        While filling this, please consider that they should have a 5 year lock in period).
        Fill "Equity Mutual Funds (ELSS)". While filling this, please consider that they should have a 3 year lock in period).
        Fill "Tuition Fees" values. Write only full time education fees. No donations or development fees.
        Fill "Insurance Premiums".You can fill all life and retirement policy's premium amount value.
        Fill "Health Check-Up Expenses".While filling this, please consider that up to Rs. 5000 only is exempt within medical insurance limit.
        Fill "Medical Insurance Premiums". Fill premium values for policies for self, spouse or children only.
        Fill "Medical Insurance Premiums (Parents)".Fill premium values for policies for parents only.
    8
    Click on “Arrow Mark”given at the end.
 This will take you to a new page where, you have to put other required details.(E.g.Slide- Long Term Capital Gains Tax). 
        Fill "Tax on Long Term Capital Gains from non Equity Assets (More than 3 years)".
        .While filling this, please consider indexation benefits are available on these.
    9
    Click on "Calculate Income Tax" tab. After filling all required and relevant details in all the five slides here, you have to click on this tab to calculate your correct income tax for financial year 2012-2013.