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) |