Format for Computation of Income under Income Tax Act

Computation of Income
for an assessment Year ….

Particulars

Rs.

Rs.

Income From Salary

 

 

Salary 

xxxxx

 

Allowances received (taxable allowances)

xxxxx

 

Taxable value of  perquisite

xxxxx

 

 

=====

 

Gross Salary

xxxxx

 

Less: Deduction under section 16

 

 

Professional Tax

xxxxx

 

Entertainment allowance

Xxxxx

 

 

=====

 

Income From Salary (1)

 

XXXXX

 

 

 

Income from house property

 

 

Adjusted net annual value

xxxxx

 

Less: Deduction under section 24

xxxxx

 

 

=====

 

Income From House Property (2)

 

XXXXX

 

 

 

Profit and gains of business and
profession

 

 

Net Profit as per profit an d loss account

xxxxx

 

Add:- Income which are debited to profit and loss account but not allowable
as deduction

xxxxx

 

Less:- Expenditure which are not debited to profit and loss account
but allowable as deduction

xxxxx

 

Less:-Income which are credited to profit and loss account but are
exempt under section 10 or taxable under any other head of income

xxxxx

 

Add:- Income which are not credited to profit and loss account but
are taxable under the head “Profit and gains of business or profession”

xxxxx

 

 

=====

 

Profit and gains of business and profession (3)

 

XXXXX

 

 

 

Capital Gains

 

 

Amount of capital gain

xxxxx

 

Less: Amount exempt under section 54 to 54H

xxxxx

 

 

=====

 

Income From Capital gain (4)

 

XXXXX

 

 

 

Income from other sources

 

 

Gross Income

xxxxx

 

Less: Deduction under section 57

xxxxx

 

 

=====

 

Income From Other Sources (5)

 

XXXXX

 

 

=====

Total Income (1+2+3+4+5)

 

XXXXX

Less:- Adjustment on account of setoff and carried forwarder of
losses

 

XXXXX

 

 

=====

Gross Total Income

 

XXXXX

Less:-Deduction under section 80C to 80U

 

XXXXX

 

 

=====

Net Income rounded-off nearest Rupee ten

 

XXXXX

 

 

 

Computation of tax liability

 

 

Tax on net income

 

XXXXX

Less: Rebate

 

XXXXX

 

 

=====

Balance

 

XXXXX

Add:-Surcharge

 

XXXXX

Tax and Surcharge

 

=====

Add:-Education Cess

 

XXXXX

Less:- Prepaid Taxes

 

 

Tax deducted as sources (TDS)

xxxxx

 

Advance Tax

xxxxx

 

Self Assessment Tax

Xxxxx

XXXXX

 

 

=====

Tax Liability / Refund

 

XXXXX

 

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