Simple Approach to Income Tax Computation - A.Y. 2017-2018
This comprehensive guide provides a step-by-step computation of income tax for Mr. Ajay, covering various aspects such as income from salary, house property, business, and profession for the assessment year 2017-2018. Detailed breakdowns and calculations are included for each category, making it a valuable resource for understanding income tax computations.
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Presentation Transcript
A Simple Approach to Income Tax By Prof. Gujar K. S. M.Com. M.Ed. NET SET (Edu. & Com.) GDC&A, DMOA&FA Head Department Of Commerce, Arts & Commerce College, Koyananagar
Computation of Income from Salary of Mr. Ajay For the A.Y. 2017-2018 Particulars Rs. Rs. Basic Pay Advance Salary Dearness Allowance Bonus, Commission Family Allowance City Compensatory Allowance Education Allowance (exempt 100 p.m. per Child for 2 Child) Entertainment Allowance House Rent Allowance RPF Taxable SPF, URPF, PPF Tax free Gross Salary Less Professional Tax Income From Salary
Computation of Income from House Property of Mr. Ajay For the A.Y. 2017-2018 Particulars Rs. Rs. House No. 1 (Self Occupied) Annual Value Nil House No. 1 (Self Occupied) a) Municipal Value a) a) a) Fair Rental Value Actual Rent Received Reasonable Lettable Value (Higher of a & b Above) Gross Annual Value a) (Higher of c & d Above) Less Vacancy Period rent Less Municipal Taxes paid (on M.V) Annual Value Less Deduction u/s 24 Standard deduction 30% on Annual Value Interest on Loan Ground rent Land Revenue paid Nil Nil Income from House Property
Computation of Income from Business of Mr. Ajay For the A.Y. 2017-2018 Particulars Rs. Rs. Net Profit as per P&L A/C Add Disallowable exp. Dr. to P&L A/C Personal Exp. / Drawings Income Tax, Wealth tax Provision for various funds & reserves Donations R.D.D Interest on capital household exp. LIC premium Less Disallowable Income Cr. to P&L A/C Rent from house property Dividend Agriculture Income Less Depreciation allowable as per rule Income from Business
Computation of Income from Profession of Dr. Ajay For the A.Y. 2017-2018 Particulars Rs. Rs. Allowable Income from Profession Consultation Fees Visiting Fees Sale of Medicines Gifts & Presents (From Patients only) Less -Allowable Expenses Rent of Clinic Electricity & water charges Salary to staff Interest on loan Car Expenses (office use only) Purchase of Medicines Depreciation Books 100% Other Assets as per rate given Income from Profession
