Income Tax Computation Suite

⚠ Working paper, not a filing. This tool structures the computation the way a computation sheet in a scrutiny file or tax audit report is organised, applying the major provisions of the Income-tax Act, 1961 and Companies Act, 2013 in common use. Tax law has many fact-specific exceptions (residential status, specific notifications, state cess, sector-specific deductions, etc.) that a chartered accountant should verify before you rely on the final figure to file a return.

Assessee

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Entity

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Gross Total Income

₹0

Total Income

₹0

Tax Payable

₹0

ITR Form

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1 · Whom Are We Computing For

Select the assessee first — every later section (allowed/disallowed expenses, partner's salary & interest, deductions, slab rates, ITR form) is driven off this choice.

Name of Assessee

PAN (format only)

Previous Year / Assessment Year

Type of Assessee (Entity)

Age Category (Individual/HUF only)

Residential Status

Books of Account / Audit

Selected: Individual — the applicable slab, surcharge, Sec 40(b) partner limits, presumptive sections and ITR form will follow this selection automatically through every tab below.

2 · Profit & Loss Account (as per Books)

Enter figures exactly as they appear in the books. Adjustments for tax purposes are made separately in Tab 4 (Allowed/Disallowed).

Credit Side — Income

Particulars	Amount (₹)

Debit Side — Expenses

Particulars	Amount (₹)	Allowed?	Section Ref.

Total Income (Credit side)	0
Total Expense (Debit side)	0
Net Profit as per P&L Account	0

3 · Depreciation — Companies Act vs Income-tax Act

Companies Act depreciation (Schedule II, useful-life basis) is what's charged in the P&L and must be added back. Income-tax Act depreciation (block of assets, WDV basis, Sec 32) is what's allowed as deduction instead.

Block / Asset	WDV as per Books (Op.)	Additions ≥180 days	Additions <180 days	Co. Act Rate %	IT Act Rate %	Co. Act Depr.	IT Act Depr.

Total Depreciation — Companies Act (in P&L, add back)	0
Total Depreciation — Income-tax Act (Sec 32, allow)	0
Net Adjustment to PGBP (Co.Act − IT Act)	0

IT Act: additions used <180 days in the year get only 50% of the normal rate (proviso to Sec 32). Standard block rates: Building 5%/10%, Furniture & Fittings 10%, Plant & Machinery (general) 15%, Motor Vehicles 15% (30% if used in hire business or acquired & used before 1-4-2020 to 31-3-2024 for EV incentive), Computers & Software 40%, Intangibles (goodwill excluded) 25%.

4 · Allowed / Disallowed Expenses — Computation of PGBP

This tab pulls the "Allowed?" flags from Tab 2 (P&L expenses) and layers on the standard statutory disallowances. Tick whichever apply.

Standard Statutory Disallowances (add back to Net Profit)

Sec 40(a)(ia) — 30% of expense where TDS not deducted/deposited

Sec 40A(3) — cash payment > ₹10,000 in a day (100% disallowed)

Sec 43B — statutory dues (GST/PF/ESI/Bonus/Interest to banks) unpaid till due date of filing

Penalty / Fine for infraction of law (Explanation to Sec 37(1))

Personal / Capital expenditure debited to P&L

Sec 40A(2) — excessive payment to related parties (unreasonable portion)

Income Not Taxable Under PGBP / Deductions Not Debited (subtract)

Income credited to P&L but taxable under another head (e.g. rent, dividend, interest, capital gain shown as income) — deduct

Deduction allowable but not debited in books (e.g. additional depreciation, expenditure on scientific research 35(1), etc.)

Net Profit as per P&L Account	0
Add: Total Inadmissible Expenses (Tab 2 flags + statutory)	0
Add: Depreciation as per Companies Act (books)	0
Less: Depreciation as per Income-tax Act	0
Less: Income taxable under other heads / other deductions	0
Profits & Gains of Business/Profession (before partner's remuneration)	0

5 · Partner's Capital, Remuneration & Interest (Firm / LLP) | Presumptive Taxation

Book Profit → Sec 40(b) Remuneration & Interest Ceiling

Book Profit (= PGBP before remuneration, from Tab 4)

Remuneration actually paid to working partners (per deed)

Interest on Partners' Capital actually paid (per deed, rate %)

Sec 40(b) ceiling (Finance Act 2024 limits): on first ₹6,00,000 of book profit (or in case of a loss) — ₹3,00,000 or 90% of book profit, whichever is more; on the balance of book profit — 60%. Interest on capital allowed only up to 12% p.a.

Maximum Remuneration Allowable u/s 40(b)	0
Remuneration Disallowed (paid − allowable, if excess)	0
Interest on Capital — allowed (capped at 12%)	0
Interest on Capital — disallowed (excess over 12%)	0

Partner Name	Opening Capital	Additions	Drawings	Interest Credited @deed rate	Share of Remuneration	Share of Profit (ratio %)	Closing Capital

Presumptive Taxation (44AD / 44ADA / 44AE) — optional, overrides Tabs 2–4 for this business

Opt for presumptive taxation for this business/profession

Scheme

Turnover / Gross Receipts

% received by digital/banking mode

No. of vehicles (44AE only)

Presumptive Income (deemed PGBP)

44AD: 8% of turnover normally, 6% on receipts through banking/digital channels. 44ADA: 50% of gross receipts deemed as income. 44AE: ₹1,000/ton/month for heavy goods vehicles (>12MT) or ₹7,500/month per vehicle for others, whichever is higher — no separate depreciation/expense claim allowed once opted.

Final PGBP Income (after firm adjustments / presumptive override)

6 · Capital Account & Balance Sheet

Capital Account (Proprietor / Consolidated)

Opening Capital
Add: Fresh Capital Introduced
Add: Net Profit / Share of Profit (from Tab 5, post-tax business income transferred)	0
Add: Interest on Capital Credited	0
Add: Remuneration Credited (if partner)	0
Less: Drawings
Less: Income-tax / GST paid personally
Closing Capital Balance	0

Balance Sheet — Summary

Fixed Assets (net block, IT Act WDV)

Inventory / Stock

Sundry Debtors

Cash & Bank

Other Assets / Loans & Advances

Capital / Reserves (linked from left)

Secured Loans

Unsecured Loans

Sundry Creditors

Other Liabilities / Provisions

Total Assets	0
Total Liabilities (incl. capital)	0
Difference (should be 0 if balanced)	0

Sec 68/69/69A/69B/69C — Unexplained cash credits, investments, money, expenditure: any credit/asset/expenditure in the books that the assessee cannot satisfactorily explain is deemed income of the year and taxed at flat 60% + 25% surcharge + 4% cess (effective ~78%) under Sec 115BBE, with no deduction, set-off of loss, or basic exemption available. Enter any such amount in Tab 8 → "Unexplained / Deemed Income".

7 · Computation Under the Five Heads of Income

Head I — Salaries (Sec 15–17)

Basic + DA + Allowances (gross)

HRA Exemption u/s 10(13A)

LTA / Other Exemptions u/s 10

Professional Tax Paid

Standard deduction applied automatically: ₹75,000 (New Regime) / ₹50,000 (Old Regime) if salary income > 0.

Income from Salary

Head II — Income from House Property (Sec 22–27)

No. of House Properties

Gross Annual Value (let-out, if any)

Municipal Taxes Paid

Interest on Housing Loan (Sec 24(b))

Self-occupied: NAV = Nil, interest deduction capped at ₹2,00,000 (Old Regime only; New Regime allows loss from house property only if let-out, self-occupied SOP interest not deductible under new regime). Let-out: Standard deduction 30% of NAV allowed under both regimes.

Treat as Self-Occupied Property

Income from House Property

Head III — Profits & Gains of Business/Profession

Auto-carried from Tab 5 (Final PGBP)

Head IV — Capital Gains (Sec 45–55)

STCG — Listed Equity/Equity MF (STT paid) — Sec 111A @ 20%

STCG — Other Assets (slab rate)

LTCG — Listed Equity/Equity MF — Sec 112A @ 12.5% (₹1.25L exemption)

LTCG — Other Assets (land/bldg/unlisted etc.) @ 12.5% (no indexation)

LTCG — Property acquired before 23-Jul-2024 opting 20% with indexation

Exemption claimed (54/54B/54D/54EC/54F/54G etc.)

📜 Sale of Land / Building (Sec 50C/45): if actual sale consideration is lower than the Stamp Duty Value, Sec 50C deems SDV as full value of consideration (subject to 110% safe-harbour). Enter the higher of actual/deemed consideration in the relevant STCG/LTCG box above. Exemptions: 54 (residential house), 54B (agricultural land), 54EC (bonds, cap ₹50L), 54F (any LTCG asset → residential house), 54GB (investment in eligible start-up).
🎁 Bonus Shares (Sec 55(2)(aa)): cost of acquisition of bonus shares is deemed Nil; only the holding period from date of allotment decides STCG/LTCG classification. Include the full sale proceeds of bonus shares in the applicable STCG/LTCG box above — no separate cost is deductible.
🎀 Bonus-stripping (Sec 94(8)): loss on sale of original units (where bonus units were acquired within 3 months before and sold within 9 months after record date) is ignored to the extent of bonus units held.

Total Capital Gains

Head V — Income from Other Sources (Sec 56)

Interest — Savings A/c

Interest — FD / Bonds

Dividend Income

Family Pension (taxable part)

Gifts (aggregate, if > ₹50,000 & not exempt)

Other Misc. Income

Income from Other Sources

Clubbing of Income — Minor Child / Spouse (Sec 60–64)

Minor Child's Income to be Clubbed — Sec 64(1A)

No. of Minor Children whose income is clubbed

Spouse's Income clubbed — Sec 64(1)(ii)/(iv) (income from assets/investment transferred without consideration)

Sec 64(1A): income of a minor child is clubbed in the hand of the parent whose total income (before clubbing) is higher — exempt up to ₹1,500 per child u/s 10(32) (or actual income, if lower). Not clubbed if the income arises from the minor's own manual work/skill, or the minor has a disability u/s 80U. Sec 64(1): income from assets transferred to spouse/son's wife without adequate consideration is clubbed with the transferor.

Less: Exemption u/s 10(32) (₹1,500 × children, capped to income)	0
Net Income Clubbed with Assessee	0

Head I — Salary	0
Head II — House Property	0
Head III — PGBP	0
Head IV — Capital Gains	0
Head V — Other Sources	0
Add: Income Clubbed (Minor/Spouse) — Sec 60-64	0
Gross Total Income	0

8 · Chapter VI-A Deductions & Exemptions

Most Chapter VI-A deductions are available only under the Old Regime. New Regime allows only 80CCD(2) (employer NPS), 80CCH (Agniveer Corpus), and 80JJAA.

Section	Particulars	Ceiling	Old Regime	New Regime
80C	LIC, PPF, ELSS, tuition fees, home loan principal, etc.	₹1,50,000	✔	✘
80CCD(1B)	NPS additional self-contribution	₹50,000	✔	✘
80CCD(2)	Employer's NPS contribution	10%/14% of salary	✔	✔
80D	Health insurance premium (self+family / parents)	₹25,000–1,00,000	✔	✘
80E	Interest on education loan	No cap	✔	✘
80EEA	Additional interest — affordable housing loan	₹1,50,000	✔	✘
80G	Donations to approved funds/charities	50%/100% of donation	✔	✘
80TTA	Interest on savings a/c (non-senior)	₹10,000	✔	✘
80TTB	Interest income — senior citizens	₹50,000	✔	✘
80U	Self — person with disability	₹75,000/1,25,000	✔	✘
80JJAA	Additional employee cost (business)	30% of add'l wages ×3yrs	✔	✔
10AA	SEZ unit profit exemption	Phased %	✔	✘

Total Deductions — if Old Regime chosen	0
Total Deductions — if New Regime chosen	0

9 · Unexplained / Deemed Income & Set-off of Losses

Sec 68/69/69A/69B/69C — Unexplained Credits/Investments

Unexplained/Deemed Income (taxed flat u/s 115BBE)

Taxed at flat 60% + 25% surcharge (on the tax) + 4% cess = effective ~78%, irrespective of regime/slab. No basic exemption, no expense, no loss set-off allowed against this income.

Brought Forward Losses Set Off

B/F Business Loss set off against current PGBP

B/F Capital Loss set off against current Capital Gains

Unabsorbed Depreciation set off

10 · Tax Computation — Old Regime vs New Regime

Old Regime

Gross Total Income	0
Less: Chapter VI-A Deductions	0
Less: B/F Losses Set-off	0
Total Income (rounded)	0
Tax on Normal-Rate Income (slab)	0
Tax on Special-Rate Income (CG etc.)	0
Tax on Unexplained Income (Sec 115BBE)	0
Less: Rebate u/s 87A	0
Tax before Surcharge	0
Add: Surcharge	0
Add: Health & Education Cess @4%	0
Total Tax Liability	0

New Regime (Sec 115BAC)

Gross Total Income	0
Less: Chapter VI-A Deductions (limited)	0
Less: B/F Losses Set-off	0
Total Income (rounded)	0
Tax on Normal-Rate Income (slab)	0
Tax on Special-Rate Income (CG etc.)	0
Tax on Unexplained Income (Sec 115BBE)	0
Less: Rebate u/s 87A	0
Tax before Surcharge	0
Add: Surcharge	0
Add: Health & Education Cess @4%	0
Total Tax Liability	0

Regime to Use for Final Output

11 · Advance Tax, TDS & Interest u/s 234A / 234B / 234C

Taxes Already Paid

TDS / TCS credit

Advance Tax — by 15 Jun (≥15%)

Advance Tax — by 15 Sep (≥45% cumulative)

Advance Tax — by 15 Dec (≥75% cumulative)

Advance Tax — by 15 Mar (100% cumulative)

Self-Assessment Tax Paid

Return Filing

Return filed on-time (before due date)?

Months of delay (for 234A, if late)

234A: 1% p.m. simple interest on tax outstanding, from due date till filing, if return filed late. 234B: 1% p.m. if advance tax paid < 90% of assessed tax, computed from 1 April of AY till payment. 234C: 1% p.m. for shortfall against the 15%/45%/75%/100% instalment schedule (last instalment shortfall attracts only 1 month interest).

Total Tax Liability (from Tab 10, chosen regime)	0
Less: TDS/TCS + Advance Tax + Self-Assessment Tax	0
Balance Tax (Assessed Tax basis for 234B)	0
Interest u/s 234A	0
Interest u/s 234B	0
Interest u/s 234C	0
Net Amount Payable (Refund if negative)	0

12 · Final Summary & Applicable ITR Form

Net Tax Payable / (Refund Due)

₹0

Assessee: — · Regime: — · FY 2025-26 / AY 2026-27

Assessee	—
Entity Type	—
Gross Total Income (all 5 heads + clubbed income)	0
Total Deductions/Exemptions Claimed (Chapter VI-A)	0
Total Income (Taxable Income, rounded)	0
Regime Applied	—
Tax on Normal + Special Rate Income	0
Less: Rebate u/s 87A	0
Add: Surcharge	0
Add: Health & Education Cess @ 4%	0
Total Tax Liability (Assessed Tax)	0
Less: TDS / TCS Credit	0
Less: Advance Tax Paid	0
Less: Self-Assessment Tax Paid	0
Balance Tax before Interest	0
Add: Interest u/s 234A (late filing)	0
Add: Interest u/s 234B (short/no advance tax)	0
Add: Interest u/s 234C (deferment of instalments)	0
Total Interest u/s 234A/B/C	0
Total Taxes Paid (TDS + Advance + SA)	0
Net Tax Payable / (Refund if negative)	0

Applicable Return Form

ITR-1