Income Tax Notes Part - 01 Basic Concepts
INCOME TAX NOTES PART-01 INCOME TAX NOTES PART-01 BASIC CONCEPTS Computation of Total Income Taxable income of any assessee is computed as per the format given below - Computation of net taxable income/ total income of an assessee for the assessment year 20XX-20XX: Particulars Amount (in Rs.) Income under the head “Salaries” XX Income under the head “House Property” XX Income under the head “Profits and gains of business or profession” XX Income under the head “Capital Gains” XX Income under the head “Income from other sources” XX Gross total income (GTI) XX Less: Deductions under chapter VIA [Sec. 80] XX Net taxable income or Total income (NTI) XXX Computation of tax Tax to be paid by any assessee is computed as per the format given below – Computation of tax liability of an assessee for the assessment year 20XX-20XX: Particulars Amount (in Rs.) Income-tax on net taxable income XX Less: Rebate under section 87A XX XX Add: Surcharge (% of income