The document contains details of an individual's monthly income from April 2005 to March 2006. It lists sources of income like basic salary, house rent allowance, and other allowances. It also contains details for tax deductions that can be claimed under sections 80C, 80D, 80DD, and 80DDB of the Income Tax Act. The document is intended to help calculate the individual's tax liability for the financial year 2005-2006.
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Presentation on computation of income from house property for the benefit of students of Income tax. Useful material for undergraduate students of commerce faculty. It covers most of the important section of Income tax act applicable for computation of Income from house Property.
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5. TAX COMPUATION for financial Year 2005-2006
Enter Your Name
Amount
Gross Salary Income 292,800.00
Less : Exempted Allowance U/s.10 13,200.00
Salary Income 279,600.00
Less : Professional Tax (U/s16(ii) -
Net Taxable Salary Income 279,600.00
Add : Income House Property -
Add : Income from other source 898.00
Gross Total Income 280,498.00
Less : Chapter VIA
U/s.80C 95,000.00
U/s.80D 15,000.00
U/s.80DD -
U/s.80DDB 60,000.00
U/s.80E -
U/s.80G - 170,000.00
Net Total Taxable Income 110,498.00
Net Total Taxable Income( Rounded to Rs.10) 110,500.00
Tax on Net Total Income 1,050.00
Add Surcharge ( 10% , if Total income exceeds Rs10 Lacs) -
Add Edu. Cess @ 2 % on IT + SC 21.00
Total Tax Payable 1,071.00
Less Tax Deducted at source -
Tax to be paid 1,071.00
Please read the instruction before acting upon this computation sheet
By Sanjeev Goel, Chartered Accountant
kgcdelhi@rediffmail.com
6. Tax Planner 2005-2006
By Sanjeev Goel, Chartered Accountant
kgcdelhi@rediffmail.com
This computation sheet is designed keeping in mind the general applicable incomes and allowances
applicable for salary class employees.
Heads of income and exemption not specified , may be entered in other allowances and exemption
there on in other exemption.
Taxable perquisites will be entered in other All. Head
Before turning to Tax Computation sheet, be sure that all relevant field in YELLOW coloured fields filled
properly
Medical Reimbursement to the extent Rs.15000/- or actual reimbursement which ever is less is
exempted
House Rent Allowance is exempted among least of the following 1. Actual HRA received. , 2. Rent Paid
- 10% of Basic., 3. 40 % or 50 % salary as the case may be.
Conveyance Allowance is exempted to the extent least of the followanceRs.800 or actual conveyance
allowance
Education Allowance is exempted to the extent Rs.100/Month in case school going child +
Rs.300/Month in case child in hostel up to 2 child
Leave Travel Allowance is exempted up to cost of 2 journy(only fare ) in a block of four calendar
period. Current blocks are 2002-2005 & 2006-2009 subject to 1st class rails or economy class air fare for
shortest route within any place in India
Conveyance Allowance is exempted up to Rs.800/- per month
Sec.80C ( Deduction inrespect of investment) Only individual or HUF can claim deduction under this
section for investment made upto Rs.100000/-
Sec.80D ( Midiclim Insurance) - The insurance premium paid or Rs.10000, whichever is lower is
deductable. However in case where any dependent or assessee attains 65 year or more during the
financial year the limit will be insurance premium paid or Rs.15000/- whichever is less.
Sec.80DD ( Maintenance & Medical teatment of handicaped dependent) - The maximum limit is
Rs.50000 or Rs.75000/- depending upon disability (Pl.Ref.Act)
Sec.80DDB ( Midical Treatment) - Actual expenses or Rs.60000/- which ever is less for medical treatment
of specified disease
Declaration : I, SANJEEV GOEL, no where responsible if any liability arises , by
acting upon this calculation sheet. This is merely designed to facilitate , to
compute tax liability arises from income , in particular for salary income group.
Tax Computation Sheet
Tax Computation Details Sheet
