Income Tax and Income Computation - Format

Income Tax18/07/2021 Source: Income Tax


A quick format for computation of Income tax, taxable income, and calculate tax payable or available for refund according to income tax india.

Income Computation Format

Income Head Amount
A. Income From Salary  
B. Income From House Property  
C. Income From Capital Gain  
D. Income From Business and Profession  
E. Income From Other Sources(Interest from saving A/c. & FD etc.)  
F. Gross Total Income= (A+B+C+D+E)  
G. Less- Investment in LIC/NPS/PPF/Medical Insurance,etc. (Deduction)   
H. Net Taxable Income=(F-G)  
I. Income  taxable at Normal rate=(Apply Income tax rates given in slab on H)  
J. Income  taxable at Special rate (In Case of capital Gain,Winnings from Lottery, etc. if any)  
K. Total Income Tax=(I+J)  
L. Add-Surcharge (Apply rate of surcharge on K if applicable)  
M. Total Tax and Surcharge= (K+L)  
N. Less-Rebate u/s 87A  
O. Total Tax after Rebate=(M-N)  
P. Add- Health & Education Cess 4% (Appy 4% on O i.e. total tax after Rebate)  
Q. Total Tax & Cess=(O+P)  
R. Add-Interest (Section 234A +234B+234C)  
S. Add-Late Fee u/s 234F  
T. Total Tax,Fee and Interest=(Q+R+S)  
U. Total Tax paid (Advance & Self Assessment Tax)  
V. Total TDS/TCS claim  
W. Total Tax paid=(U+V)  
X. Amount Payable=T  
Y. Refund=(W-T if positive then tax will refund otherwise tax payable)