COMPUTATION SHEET FOR SALARY
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ASSESSEE NAME:- Mr. D |
PREVIOUS YEAR:- |
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ADDRESS:- |
ASSESSMENT YEAR:- RESIDENTIAL STATUS:-Resident PERMANENT ACCOUNT NO.:- ABCDP1234E WARD:- 7(4) |
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DATE OF BIRTH:- 22/03/1975 |
DUE DATE:- 31/07/2010 |
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STATUS:- Individual - Male |
DATE OF FILING:- 30/06/2010 |
| COMPUTATION OF TOTAL INCOME | ||||||
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Particulars |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
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I. |
INCOME FROM SALARIES |
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Basic Salary |
- |
6,00,000.00 |
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|
|
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Dearness Allowance |
- |
3,00,000.00 |
|
|
|
|
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Children Education Allowance |
25,000.00 |
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|
|
|
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Less: Exempt under Section 10 (14) [Note-1] |
1,200.00 |
23,800.00 |
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Conveyance Allowance |
60,000.00 |
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Less: Exempt under Section 10 (14) [Note-2] |
9,600.00 |
50,400.00 |
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|
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House Rent Allowance |
1,80,000.00 |
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Less: Exempt under Section 10 (13 A) [Note-3] |
90,000.00 |
90,000.00 |
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Uniform Allowance |
30,000.00 |
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Less: Exempt under Section 10 (14) [Note-4] |
30,000.00 |
- |
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Research Allowance |
85,000.00 |
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Less: Exempt under Section 10 (14) [Note-5] |
70,000.00 |
15,000.00 |
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Advance Salary taken |
- |
1,50,000.00 |
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Salary of Watchman and Maid Servant paid by the Company |
- |
72,000.00 |
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Value of Interest Free Concessional Loan |
- |
34,000.00 |
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Value of Medical Facilities at a Hospital maintained by the Co. |
27,000.00 |
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Less: Exemption available [Note-6] |
27,000.00 |
- |
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GROSS TOTAL INCOME |
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|
1,335,200.00 |
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DEDUCTIONS UNDER CHAPTER VIA |
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Life Insurance Premium |
|
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30,000.00 |
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NSC Purchased |
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40,000.00 |
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Units of Reliance Mutual Fund |
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77,000.00 |
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Deduction u/s 80C [Note- 7] |
|
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1,00,000.00 |
|
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|
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Deduction u/s 80D [Note- 8] |
|
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|
14,000.00 |
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Sub Total |
|
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1,14,000.00 |
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TOTAL INCOME |
|
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12,21,200.00 |
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INCOME-TAX ON TOTAL INCOME (Note-9) |
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2,70,360.00 |
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Add: Surcharge @ 10% |
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|
00.00 |
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Add: Education Cess @ 3% |
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8,111.00 |
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TAX PAYABLE + SURCHARGE + EDUCATION CESS (Gross Tax Liablity) |
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2,78,471.00 |
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| LESS : Advance TAX Paid | 50,000.00 | |||||
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LESS : TAX DEDUCTED AT SOURCE |
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- u/s 192 (Note -10) |
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1,33,000.00 |
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BALANCE TAX PAYABLE |
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95,471.00 |
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Add : Interest |
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u/s
23B |
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2,862.00 |
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u/s 234
C(I) |
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1,308.00 |
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u/s
234C(II) |
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1,116.00 |
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u/s 234
C(III) |
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954.00 |
6,240.00 |
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NET TAX LIABILITY (Net Tax + Interest Payable) |
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1,01,710.00 |
NOTES:-
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1. |
Children Education Allowance is exempt upto Rs. 100 per month per child upto a maximum of two children, so here it is exempted for one child since Mr. D has only one daughter. |
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2. |
Conveyance Allowance is exempt upto Rs. 800 per month only, so for 12 months it amounts to Rs. 9,600. |
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3. |
House Rent Allowance is Exempt to the least of the following three: |
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[a] |
HRA Actually received = 1,80,000. |
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[b] |
40% of Salary* = 3,60,000. |
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[c] |
Rent paid
less 10% of Salary* = 90,000.
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4. |
Uniform Allowance is exempted to the extent of expenditure incurred on Uniform maintenance but restricted to the maximum of Uniform Allowance received. |
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5. |
Research Allowance is exempted to the extent of expenditure incurred on Research & Development relating to the employer's business. |
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6. |
Medical Facilities at a Hospital maintained by the Employer is fully exempted from tax. |
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7. |
Deduction under Section 80 C is restricted to a maximum limit of Rs. 1,00,000, since here it amounts to Rs. 1,47,000. |
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8. |
Deduction u/s 80D for Payment of Medical Insurance Premia can be availed only if premia is paid through a Cheque whether Bearer or Crossed. The Deduction is allowable to a maximum limit of Rs. 15,000 in case of a person of less than 65 years of age. |
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9. |
Calculated as per normal Slab rates applicable for an Individual male below 65 years of age. |
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10. |
Tax Deducted at Source under Section 192 for Salaried Individuals is equivalent to Advance Tax paid and deductible from Gross tax Liablity. |
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