Income Tax Computation (FY 2024-25)

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Computation of Income for fy 2024-25 format in ex...

A computation of income for the financial year 2024-25 in an Excel sheet format generally follows a structured layout that mirrors the five heads of income under the Indian Income Tax Act. Here's a suggested format:

Income Tax Computation (FY 2024-25)

Personal Information

• Name: [Your Name]
• PAN: [Your PAN Number]
• Assessment Year (A.Y.): 2025-26
• Financial Year (F.Y.): 2024-25
• Status: [Individual/HUF/AOP/etc.]
• Residential Status: [Resident/Non-Resident/etc.]

1. Income from Salary 💰

Particulars	Amount (₹)
Basic Salary	[Amount]
Allowances (e.g., HRA, DA, etc.)	[Amount]
Perquisites (e.g., rent-free accommodation, car)	[Amount]
Gross Salary	[Total]
Less: Deductions under Section 16
Standard Deduction (₹50,000)	50,000
Professional Tax	[Amount]
Net Income from Salary	[Gross Salary - Deductions]

2. Income from House Property 🏘️

Particulars	Amount (₹)
Gross Annual Value (GAV)
Let Out Property
Rent Received	[Amount]
Self-Occupied Property
Net Annual Value (NAV)	[GAV - Municipal Taxes]
Less: Deductions under Section 24
Standard Deduction @ 30% of NAV	[Amount]
Interest on Home Loan	[Amount]
Income/Loss from House Property	[NAV - Deductions]

3. Profits and Gains of Business or Profession 💼

Particulars	Amount (₹)
Net Profit as per P&L Account	[Amount]
Add: Inadmissible Expenses
(e.g., personal expenses, excess depreciation)	[Amount]
Less: Admissible Incomes
(e.g., dividend income, interest on FDs)	[Amount]
Income from Business/Profession	[Net Profit +/- Adjustments]

4. Capital Gains 📈

Particulars	Amount (₹)
Short-Term Capital Gains (STCG)
(e.g., from sale of shares held for < 12 months)	[Amount]
Long-Term Capital Gains (LTCG)
(e.g., from sale of property, shares held for > 12 months)	[Amount]
Net Capital Gains	[STCG + LTCG]

5. Income from Other Sources 💰

Particulars	Amount (₹)
Interest Income (Savings A/c, FDs)	[Amount]
Dividend Income	[Amount]
Rental Income from Plant & Machinery	[Amount]
Family Pension	[Amount]
Income from Other Sources	[Total]

Gross Total Income and Deductions

Particulars	Amount (₹)
Gross Total Income (GTI)	[Sum of all 5 Heads]
Less: Deductions under Chapter VI-A
Section 80C (PPF, EPF, life insurance, ELSS, etc.)	[Amount, Max ₹1.5L]
Section 80D (Medical insurance)	[Amount]
Section 80E (Interest on education loan)	[Amount]
Section 80G (Donations)	[Amount]
Total Deductions	[Total]

Total Taxable Income and Tax Liability

Particulars	Amount (₹)
Total Taxable Income	[GTI - Total Deductions]
Tax on Total Income	[Calculated as per slab rates]
Add: Health & Education Cess @ 4%	[Amount]
Total Tax Liability	[Tax + Cess]
Less: Tax Deducted at Source (TDS)	[Amount]
Tax Payable/Refund Due	[Total Tax Liability - TDS]