Income Tax Computation Format – Step by Step [A.Y.2019-20 & 2020-21]

Income Tax Computation [A.Y.]

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(1) Income from Salaries1Amount (Rs.)
a) Basic Salary₹…….
b) Taxable Allowances₹…….
c) Taxable value of perquisites₹…….
Gross Salary ₹…….
Less: Standard Deduction 2₹…….
Less: Entertainment Allowance₹…….
Less: Professional Tax₹…….₹…….
Net Taxable Salary₹…….₹…….
(2) Income from House Property
a) Self-occupied property₹…….
Less: Deduction u/s 24 for interest on loans₹…….₹…….
b) Let-out property: Gross Annual Value₹…….
Less: Municipal Taxes Paid₹…….
Net Annual Value₹…….
Less: Deductions u/s 24₹…….₹…….

Income from House Property [(a) + (b)]

₹……. ₹…….
(2) Profits and Gains of Business or Profession
Net Profit/ Loss as per Profit & Loss Account₹…….
Add: Inadmissible Expenses and Loss Account₹…….
Losses debited to P & L A/c₹…….
Less: Admissible Expense not debited to P & L A/c₹…….
Net Business Income₹……. ₹…….
(4) Income from Capital Gains
(i) Short-Term Capital Gains₹…….
(ii) Long-Term Capital Gains₹…….
Sale Consideration₹…….
Less: Indexed Cost of Acquisition₹…….
Less: Indexed Cost of Improvement₹…….
Less: Transfer Expenses₹…….
Gross L.T.C.G.₹…….
Less: Exemption u/s 54, 54B, 54D, 54EC, 54EE, 54F, 54G, 54GA, 54GB read with 54H₹…….
Net L.T.C.G. (ii)₹…….
Total Capital Gains [i.e. (i) + (ii)]₹…….
Less: Carried forward Capital Loss₹…….
Taxable Capital Gains₹…….₹…….
(5) Income from Other Sources
Gross Income₹…….
Less: Deduction u/s 57₹…….
Income from other sources₹……. ₹…….
(6) Aggregate of Incomes [Total of (1)+(2)+(3)+(4)+(5)] ₹…….
Less: Adjustment for set-off of carries forward losses and allowance₹…….
Gross Total Income
₹…….
Less: Deductions (u/s 80C to 80U)3
₹…….
80C (Investment in specified schemes)4₹…….
80CCC (Pension Fund)5₹…….
80CCD (New Pension Scheme)6₹…….
80D (Mediclaim)7₹…….
80EE (Interest on loan for first residential house)8₹…….
80G (Donations)9₹…….
80GG (Rent Paid)10₹…….
80TTA (Saving Bank A/c Interest₹…….
80TTB (Interest on Bank/ Post Office Deposits in case of a senior citizen)₹…….
Others₹……. ₹…….
Taxable Income (R/o to the nearest rupees ten) ₹…….
Net Agricultural Income ₹…….

Computation of Tax Liability

Income Tax on Short -term Capital Gains from transfer of securities (u/s 111A) 11₹…….
Income Tax on Long-term Capital Gains (u/s 112) (u/s 111A) 12₹…….
Income Tax on Long-term Capital Gains form equity shares/ units of equity-oriented mutual fund (u/s 112A) 13₹…….
Income Tax on Taxable Income plus Agricultural Income Less capital gains (as above)₹…….
Total₹…….
Less: Relief on Agricultural Income₹…….
Income-Tax Payable 14₹…….
Less: Rebate u/s 87A₹…….
Net Income Tax Payable₹…….
Add: Surcharge₹…….
Add: Cess 15₹…….
Total Tax Payable, Surcharge and Cess ₹…….
Less: Relief u/s 86 and 89(1)
₹…….
Balance Tax Liability ₹…….
Add: Interest payable (if any) for delay in filing of return (u/s 234A) or short payment/ deferment of advance tax (u/s 234B & 234C)₹…….
Total ₹…….
Less: Tax Deducted/ Collected at Source₹…….
Less: Advance Tax paid₹…….
Balance Tax and Interest Payable on Self-Assessment/ Balance Refundable ₹…….

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  1. For detail visit salary income page – Click Here
  2. For A.Y.2018-19, no standard deduction is available. However, from A.Y.2019-20, standard deduction of Rs.40,000 or the amount of salary, whichever is less shall be allowed.
  3. For detail visit Income Tax Deduction page – Click Here
  4. For detail visit 80C Deduction page – Click Here
  5. For detail visit 80CCC Deduction page – Click Here
  6. For detail visit 80CCD Deduction page – Click Here
  7. For detail visit 80D Deduction page – Click Here
  8. For detail visit 80EE Deduction page – Click Here
  9. For detail visit 80G Deduction page – Click Here
  10. For detail visit 80GG Deduction page – Click Here
  11. Short-term capital gains from transfer of equity shares or units of an equity oriented mutual fund, subjected to Securities Transaction Tax, shall be [email protected] 15%. Other short-term capital gains shall be taxable at normal rates. More Information about Income Tax Slab – Click Here
  12. Tax is payable on long-term capital [email protected]%. However, the tax payable on long-term capital gains arising from listed securities (other than mutual fund units) or zero coupon bonds, shall be restricted to 10% of the amount of capital gain computed without giving the benefit of indexation.
  13. For A.Y. 2019-20, tax is payable on such long-term capital gains computed without giving benefit of indexation and conversion of currency, and exceeding Rs. 1,00,000 @ 10% (up to Rs. 1,00,000, such are fully shall be exempt). For A.Y. 2018-19, such long-term capital gains are fully exempt u/s 10(38).
  14. In case of all assessees (except individual/ HUF/AOP/BOI/artificial juridical person whose adjusted total income is upto Rs. 20 lakhs), net tax payable shall be not less than 18.5% of ‘adjusted total income’ (or of book profit in case of companies).
  15. For A.Y. 2018-19, Education Cess @ 2% and Secondary & Higher Education Cess @1% of Income-tax and Surcharge is payable. For A.Y. 2019-20, Health & Education Cess @ 4% of Income Tax and Surcharge shall be payable.

2 thoughts on “Income Tax Computation Format – Step by Step [A.Y.2019-20 & 2020-21]”

  1. My mother is having total income of 3.5 Lacs and she is 67 years. Can you please tell me what would be the tax impact for this FY and also for the next FY

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