Format for Computation of Income under Income Tax Act

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

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Tax Liability / Refund

XXXXX