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
- Total Income (4-5) : Rs. 7,42,378
- Deductions : a) P Tax (u/s 16) : Rs. 2,400 b) Intrest Paid on Housing Loan: Rs.
- (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
