Understanding Tax Computation Report

Created by Bharti Vasvani, Modified on Thu, 24 Oct at 1:28 AM by Bharti Vasvani

A tax computation report is a summary of your tax return. It is divided into four main sections:

Personal details - Name, PAN, email, etc.
Income tax return details - Return type, regime, filing date, acknowledgment number.
Tax computation summary - Overview of income and tax computation
Computation of income- Detailed breakdown of taxable income, losses, and tax liability

Sample tax computation report

Let's understand the Computation of Income

Here's a snippet of the computation of income
Sample tax computation report

Detailed Breakdown of Your Tax Computation Report

Particulars	Meaning
Total Head-wise Income	Taxable income from all sources for the financial year
Losses Adjusted	Current year and brought forward losses set off against taxable income
Carry forward losses	Unutilized losses carried forward to future financial years. Lapsed losses are not included here
Gross Total Income	Computed as the difference between total head-wise income and losses adjusted
Total Chapter VI-A Deductions	Includes deductions under sections 80C, 80D, 80CCD(2), and others
Total Income	Calculated as Gross Total Income minus Chapter VI-A deductions
Long-Term Capital Gains Exemption	This highlights exemption on long-term capital gains u/s 112A, up to ₹1,00,000
Exempt Other Income	Total exempt income under income from Other Sources
Tax Payable	Tax liability computed at slab rates and special rates
Rebate u/s 87A	If your total income falls below a certain threshold, a rebate under Section 87A is automatically applied, reducing your tax
Tax Payable after Rebate	Net tax payable after considering the rebate
Surcharge & Cess	Surcharge is applied on tax payable; health and education cess is applied on the total of tax payable and surcharge
Total Tax and Cess	The sum of tax payable, surcharge, and cess
Relief u/s 89	Tax relief on salary arrears income that results if there is any additional tax liability
Interest & Penalty	Includes interest on delayed tax payments, late filing interest, and fees
Total Tax Payable	The final tax liability after considering all additions and deductions
Total Taxes Paid	Includes tax credits i.e. TDS, TCS, advance tax, and self-assessment tax
Tax Dues/ Refund	The difference between total taxes paid and total tax payable, showing either a refund or outstanding tax due

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