Income Tax Calculation Solution with Rahul kr Asati

Hello Friends, This is the format for calculation of your Income tax liability. Follow the instruction and you can calculate your Tax Payable :-
A	Calculation of Income from Salary
1	Total Salary and / or Pension as per Form 16 ( Excluding all exempt/ non-exempt allowances, perquisites & profit in lieu of salary )
2	Allowances Exempt under Section 10. ( Will not be added to the Total Income from Salary chargeable to Income Tax ). View information on Exempt Incomes & Allowances under Section 10
3	Add : Allowances not exempt ( Use Taxable HRA Amount Calculator )
4	Add : Value of Perquisites and / or Fringe Benefits ( Use Perquisite Value Calculator )
5	Add : Profits in lieu of Salary
Total Income from Salary chargeable to Income Tax (1-2+3+4+5)
B	Calculation of Income from House Property
1	Annual Lettable Value or Rent Received or Receivable
2 (i)	Amount of Rent, which cannot be realized
2 (ii)	Taxes paid to Local Authorities ('0', If self occupied)
3	Taxable amount of Rent Received / Realized{70% of (1 - 2 - 3)]
4	Interest payable on borrowed capital
Income from House Property chargeable to Income Tax (3 - 4)
C	Calculation of Income from Capital Gains (Short Term + Long Term)
1	Income chargeable at Normal Rates
2	Income Chargeable at Special Rates
Total Income from Capital Gains (1 + 2)
D	Calculation of Income from Other Sources viz. Interest, Dividend etc.
1	Income chargeable at Normal Rates
2	Income Chargeable at Special Rates
Total Income from Other Sources
Details of Income Tax at Special Rate included in C and D above:   Amount Rate Income Tax 1. 2. 3. Total
E	Agricultural Income for Rate Purpose only
F	Aggregate Income
G	Calculation of Deductions from Taxable Income View details of deduction available under Chapter VI from taxable income.
1	Deductions under Sec. 80C, 80CCC & 80CCD (Max. Rs. 1 lakh)
2	Deductions under Sec. 80CCF for Investment in Infrastructure Bonds (Max. Rs. 20,000)
3	Deductions under Sec. 80D for Health Insurance. (Max. Rs. 20,000/- for Senior Citizens & Rs. 15,000/- for others).
4	Deductions under Sec. 80D for Health Insurance of parents. (If parents are Senior CitizenRs. 20,000/-, else Rs. 15,000/-).
5	Deductions under Sec. 80DD (Max. Rs. 1 lac.)
6	Deductions under Sec. 80DDB (Max. Rs. 40,000/-.)
7	Deductions under Sec. 80E
8	Deductions under Sec. 80G
9	Deductions under Sec. 80GG
10	Deductions under Sec. 80U
11	Deductions under Sec. 80RRB
12	Any other eligible deduction
13	Total Deductions from Taxable Income
14	Total Taxable Income
H	TDS / Advance Tax Deposited, if any
I	Taxable Income, Income Tax, Educational Cess, Total Tax Liability and Net Income
Description		Income	Income Tax
Exempt Income
Income chargeable at 10%
Income chargeable at 20%
Income chargeable at 30%
Income chargeable at Special Rates
Total
Less : Income Tax on Agricultural Income included above
Income Tax Payable
Education Cess @ 3% of Income Tax Payable
Total Tax liability
Less: TDS / Advance Tax deposited
Net Income Tax due
Income Net of Income Tax Liability
Use Calculator to calculate interest under Section 234 A, B and C.