Can we download income tax computation?
Step 1: Go to the income tax India website at www.incometax.gov.in and log in. Step 2: Select the 'e-File'>'Income Tax Returns'>'View Filed Returns' option to see e-filed tax returns. Step 3: To download ITR-V click on the 'Download Form' button of the relevant assessment year. The ITR-V will be downloaded.
The process of determining the different sources of Income is called 'Computation of Income'. While computing income, the different incomes are finally grouped as “Gross Total Income”. After computing income, the tax is computed based on the income tax rate applicable and the various income tax deductions allowable.
- Right-click on the Computations under After Submit in the Page Processing component and click on Create:
- Choose Item on this page and press Next.
- Select P5_COMM from the Compute Item select list, select PL/SQL Function Body from the Computation Type select list and click on Next.
The Computation Report displays the Employee wise Income Tax Computation details in the Form 16 format. Along with the Total Tax payable, it also displays the balance tax payable, tax already paid and tax amount to be deducted in the subsequent month.
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Let's now understand this with an example –
| Income Tax Calculation | AY 2020-21 |
|---|---|
| Gross Salary | ₹ 15 lakh |
| HRA and LTA | – ₹ 2.5 lakh |
| Standard deduction | – ₹ 50,000 |
| Net salary | ₹ 12 lakh |
Tax computation means the working sheets, statements, schedules, calculations and other supporting documents forming the basis upon which an income tax return is made that are required to be submitted together with the return or maintained by the person making the return.
Step 1: Compute the income of an individual under 5 heads of income on the basis of his residential status. Step 2: Income of any other person, if includible u/ss 60 to 64, will be included under respective heads. Step 3: Set off of the losses if permissible, while aggregating the income under 5 heads of income.
The five main heads of income according to the above-mentioned Section 14 for the computation of the Income Tax in India are: Income from Salary. Income from House Property. Income from Profits and Gains of Business or Profession.
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Components for calculating the income tax.
| Income Slab | Tax Rate |
|---|---|
| 2.5 lakhs – 5 lakhs | 10% of exceeding amount |
| 5 lakhs – 10 lakhs | 20% of the exceeding amount |
| Above 10 lakhs | 30% of the exceeding amount |
- Log in to your online account.
- Follow the link 'view account'.
- Follow the link 'tax years' from the left hand navigation menu.
- Choose the year from the drop down menu and click the 'Go' button.
- Follow the link 'print your Tax Year Overview'.
How do I download SA302 as PDF?
- Click 'Continue to your SA302'
- Click 'View your Calculation'
- Look for the 'Print this page' button:
- Depending on your PC, either right-click and 'Save as PDF', or select 'Save as PDF' from your printer options drop-down menu and click 'save'.
- Log in to your HMRC online account.
- Go to 'Self Assessment'
- Go to 'More Self Assessment Details'
- Choose 'Get your SA302 tax calculation'
- Select the option to print your tax calculation and tax overview.
- Choose the relevant client.
- Follow the link 'tax return options.
- Choose the year from the drop-down menu and select the 'Go' button.
- Follow the link 'view calculation'.
- The link to follow is 'view and print your calculation'.
- Follow the link 'print your full calculation'.