Computation of Total Income
Shown below is the three parts of the worksheet named Computation. Of course you can give the worksheet any name that you want, but let us assume for the post that the name is "Computation".
The first part of the computation sheet contains the statutory details of the assessee, like the Assessment Year, Financial Year, Aadhaar Number and Name as per Aadhaar, PAN, Ward, sex of the assessee, date of birth, and so on. The second part of the computation begins with the sources of Income of the assessee, that is, a salaried employee will have only the salary income and at the max, interest earned in the bank account to be declared in the computation. In this case, the computation holds all the information that would be required to file the assessee' s ITR-1 format. Actually, this format was designed by yours truly keeping in mind ITR1/2/3/4/5/6. That covers the major bunch of returns to be filed for any assessment year.
The third and final part of the computation is about the calculation of income-tax after deducting the TDS (Tax Deducted at Source), Advance Tax (if any), Self Assessment (if any) and the interest etc. working upto the situation that either tax would have to be paid or a refund would be expected after filing of the income-tax return.
CA Vikram Shankar Mathur
15-Apr-2022 | 21:09 Hours IST