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COMPUTATION OF INCOME TAX FOR THE FINANCIAL YEAR 2017-2018 / INCOME TAX CALCULATION SOFTWARE FOR 2017-2018

COMPUTATION OF INCOME TAX FOR THE FINANCIAL YEAR 2017-2018 (MODEL SHEET)

    Name of the Employee: 

    Designation :

   Name of the Office Address : 
   Salary Income : 
   a) Pay : Rs. 5,42,010
   b) DA : Rs. 1,45,469
   c) HRA : Rs. 65,037 
   e) Spl.Pay/PP : Rs. 1,200 f) PRC 
   f) Arears : Rs 33,552
   Total : Rs. 7,93,628
   H.R.A. Exemption. (Least of the following)
 i) HRA actually received: Rs. 65,037 
ii) Rent paid in excess 
                                          : Rs. 51,250
    of 10% of Salary 
iii) 40% of Salary : Rs. 2,72,992 
Least of the Above 3 : Rs. 51,250
  1.      Total Income (4-5) : Rs. 7,42,378
    1.     Deductions : a) P Tax (u/s 16) : Rs. 2,400 b) Intrest Paid on Housing Loan: Rs.
    2.      (u/s 24-b) c) Medical Reiumbersment if any: Rs. Total (A to C) : Rs.

    Net Income (6-7) : Rs. 7,39,978

    Deductions Under Chapter VI-A (Section 80C.80CCC, 80CCD(i) Maximum 1.5 Lakhs)

a) GPF : Rs. 58,114
b) A.P.G.L.I. : Rs. 3,000
c) GIS : Rs. 1,440
d) Housing Loan Prl. amount: Rs.. -
e) Tuition Fees : Rs. 90,000
f) NSC : Rs. -
g) LIC : Rs. -
h) Any others : Rs. -
Total (80C,80CCC,80CCD(i) : Rs. 1,52,554
Limited to : 1,50,000
10. Total Income (8-9) : Rs. 5,89,978
11. Deductions Under Chapter VI-A
a) Medical Insurance(80-D): Rs. -
b) Handicapped Dependent (80 DD): Rs. -
c) Medical Treatment (80DDB): Rs. -
d) Int. Paid on Edn. Loan (80E): Rs. -
e) Donations C.M. Relief Fund (80G):Rs. -
f) P.H. Assess (80-U): Rs. -
12. Aggregate of deductible above (a to f):Rs. -
13. Net Taxable Income(10-12): Rs. 5,89,978
Rounded to : Rs. 5,89,980
14. Tax Payable on total Income : Rs. 30,496
15. Rebate(Sec. 87A) : Rs. -
16. Net Tax : Rs. 30,496
17. Add. Surcharge : Rs. -
18. Education Cess(3%) : Rs. 915
19. Tax Payable (16+17+18): Rs. 31,411
20. Less: Already paid Tax: Rs. 11,000
21. Tax Payable/Refundable: Rs. 20,411
Sign of the Employer                                                                        Sing of the Employee