TAX INFORMATION INDIA

Before filing return in the income tax department a statement showing computation of total income is to be submitted along with the ROI. Here is given a brief presentation of Computation of Total Income:

Particulars

a) Income from Salaries

Basic Salary xx

Taxable Allowances xx

Taxable Value of Perquisites xx

Gross Salary xx

Less : Entertainment Allowance xx

Professional Tax xx xx

b) Income From House Property

Gross Annual Value xx

Less: Municipal Taxes paid x

Annual Value xx

Less: Deduction u/s 24 xx xx

c) Profits and Gains of Business

or Profession

Net Profit as per P/L A/c xxx

Add: Amount shown as expenses

but not allowed xx

xxx

Less: Expenses allowed but not

claimed. xx

xxx

Add: Incomes not shown in the P/L

A/c but taxable xx

xxx

Less: Incomes shown in the P/L

A/c but not taxable xx xxx

d) Capital Gains

Sale Consideration xxx

Less: Expenses on transfer xx

Net Sale Consideration xxx

Less: Cost of acquisition/improve. xx

Capital Gains xxx

Less: Exemptions (if any) xx xxx

e) Income From Other Sources xx

Gross Total Income xxx

Less: Deduction u/s 80CCC to 80U xx

Total Income xxx