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When i pick up the phone and the other line asks can I speak to Ali, do I then say 'this is he' or 'this is him'?
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Back to the original poster's question - neither "It's me" nor "It is I" are appropriate for when the person calling on the phone asks to speak to you, and you are already on the line.

For that, use:
This is he/she.
This is [name].
Speaking.
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Comments  
You can say either, but 'This is he', though rather formal, is a set phrase of telephone response. You can also use the set phrase, 'Speaking.'
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Mister MicawberYou can also use the set phrase, 'Speaking.'

I also like, "Your wish has been granted".

I also like, "Your wish has been granted".
But that is not acceptable when answering the telephone, Ali, unless the caller is known to be a friend.

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It's funny, though!

I am a dinosaur, and do say "This is she."
You can also say "This is Barb" (although you would use your own name).

I would not say "This is her." The odd thing there is that if I knocked on someone's door and they asked "Who is it?" I would say "It's me!"
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maybe you'd better say "It's me" ?
but formally it is said
It is I.

It is me

Rule(Traditional Grammar):When a pronoun follows a linking verb(is,was) we use a subjective form rather than an objective form
 BarbaraPA's reply was promoted to an answer.
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That's because a subject is a subject and an object is an object. When a linking verb is creating an equation between two words, (such as, "This is he."), 'this' is the subject of the sentence. 'Is' is the linking verb that is making 'he' the subject complement, as in it is complementing the subject. You have to use a SUBJECT pronoun for the SUBJECT complement because a subject is a subject! Just a little explanation for you there! Emotion: smile
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