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Computation of income tax

Dibyendu (Consultant) (162 Points)

18 June 2013

Hello, Is there any excel template available, for computing taxable income. If any one can share, it would be helpful.

Below are the details.

GROSS RECEIPT FROM SALARY = 5,90,000(Includes CONVEYANCE = 6,000, TAX on Employment=2,400)

HOUSE RENT PAID TOTAL = 14,332

INCOME FROM RENT OF CAR = 1,30,000

80CC SAVINGS Done = 1,00,000 80D=5,452

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8 Replies

DIBYENDU (SERVICE) (266 Points)
Replied 18 June 2013

COMPUTATION OF TAXABLE INCOME FOR THE ASSESSMENT YEAR 2013-2014, RELATING TO THE FINIANCIAL YEAR 2012-2013

Income from Salary

Basic Salary = Rs.581600.00

Add: Conveyance Allowance = Rs. 6000.00

Add: Tax on Employment = Rs.2400.00

Total Income from Salary = Rs 590000.00

Less; Deduction u/s 16 = Rs. 2400.00

Taxable Income from Salary = Rs. 5,87, 600.00

Income from other sources-

Rent of Car = Rs.1,30, 000.00

Gross Total Income = Rs.7,17,600.00

Less: Deduction Chapter VI

I) 80CC = Rs.1,00,000.00

ii) 80D. =Rs. 5452.00

iii) 80GG -rent paid =Rs. 14332.00

Taxable Income =Rs.597816.00

Tax on Income =Rs.30000+20% of Rs.97816.00=Rs.49,563.00

N.B. Assume that Assessee not receive any HRA & he/his near relatives i.e. spouce, son have not any house in the city which assessee made provide service.

Dibyendu (Consultant) (162 Points)
Replied 18 June 2013

Thanks for your quick reply.

In connection with the above, I sold my car and received 1,20,000. Is thsi an income. How should the computation change here. Thanks.

DIBYENDU (SERVICE) (266 Points)
Replied 18 June 2013

Sale of Car use for personal purose is not a capital asset , as define 2(14)of Income Tax Act 1961 , so, amount receive from sale of car not taxable income in your hand.