How to Compute Income tax liability while filing tax Return ?
| 1. Income from Salaries | ||
| Income from salary | xxxx | |
| Add: Taxable allowances | xxxx | |
| Add: Taxable perquisites | xxxx | |
| Gross Salary | xxxx | |
| Less: Deductions u/s 16 | ||
| – Standard deduction | ||
| – Entertainment allowance | xxxx | |
| – Professional tax | xxxx | |
| Taxable Income under the head ‘Salaries’ | xxxx | |
| 2. Income from House Property | ||
| Net Annual Value | xxxx | |
| Less: Deductions u/s 24 | xxxx | |
| Taxable Income under the head ‘Income from House Property’ | xxxx | |
| 3. Profits and Gains of Business and Profession | ||
| Net profit as per Profit and Loss Account | xxxx | |
| Add: Amounts debited to P & L A/c but are not allowable as deduction under the Act | xxxx | |
| Add: Amounts not credited to P & L A/c but are taxable under the head PGBP | xxxx | |
| Less: Amounts credited to P & L A/c but are exempt u/s 10 or are taxable under other heads of income | xxxx | |
| Less: Amounts not debited to P & L A/c but are allowable as deduction under the Act | xxxx | |
| Taxable Income under the head ‘Profits and Gains of Business and Profession’ | xxxx | |
| 4. Capital Gains | ||
| Amount of Capital gains u/s 48 | xxxx | |
| Less: Exemption u/ss 54, 54B, 54D, 54EC, 54EE, 54F, 54G, 54GA, 54GB, 54H | xxxx | |
| Taxable Income under the head ‘Capital gains’ | xxxx | |
| 5. Income from other sources | ||
| Gross income | xxxx | |
| Less: Deductions u/s 57 | xxxx | |
| Taxable Income under the head ‘Income from other sources’ | xxxx | |
| Total [1 + 2 + 3 + 4 + 5] | xxxx | |
| Less: Adjustment of set off and carry forward of losses | xxxx | |
| Gross Total Income | xxxx | |
| Less: Deductions under sections 80C to 80U [Chapter VI-A] | xxxx | |
| Net Taxable Income | xxxx | |
| Computation of Tax Liability: | ||
| Tax on Net income | xxxx | |
| Less: Rebate u/s 87A (Available if resident individual is having net taxable income of ` 5,00,000 or less) | xxxx | |
| Income Tax after rebate | xxxx | |
| Add: Surcharge, if applicable | xxxx | |
| Tax and surcharge | xxxx | |
| Add: Health and Education cess | xxxx | |
| Less: Rebate u/ss 86, 89, 90, 90A and 91 | xxxx | |
| Less: Prepaid taxes, if paid | ||
| Self assessment tax paid (SAT) | xxxx | |
| Tax Deducted or Collected at Source (TDS and TCS)1 | xxxx | |
| Advance tax | xxxx | |
| Total Net Tax liability | xxxx |
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