Tax Computation Memo

Prepare the statement of computation you attach to a return or hand to a client — income under each head, Chapter VI-A, tax under both regimes side by side, surcharge with marginal relief, and the balance payable or refund. Rounded under sections 288A and 288B, as a computation should be.

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Assessee

Name PAN Status Financial Year Age Category Residential Status

Income

Gross Salary Exemptions u/s 10 HRA, LTA — old regime only Professional Tax House Property negative for a loss Business or Profession Other Sources STCG u/s 111A taxed at 20% LTCG u/s 112A gross, before the ₹1.25L exemption Other Capital Gains taxed at 12.5%

Deductions under Chapter VI-A

80C 80CCD(1B) 80CCD(2) employer NPS 80D 80G 80TTA / 80TTB Other Chapter VI-A

Taxes Paid, Relief and Interest

TDS TCS Advance Tax Self-Assessment Tax Relief u/s 89 Interest u/s 234A Interest u/s 234B Interest u/s 234C

Interest under 234A/B/C is entered rather than computed — it depends on payment dates and instalment history this tool does not collect, and a guessed figure would be worse than none.

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A computation is only as good as what goes into it — regime choice, missed deductions, income the employer never saw, and capital gains treatment all move the number. Share your details and we'll reach out to know more.

The calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation in all circumstances. Viewers are advised to ascertain the correct position/prevailing law before relying upon any document. This memo is a working statement, not a return, and does not cover every situation — set-off and carry-forward of losses, clubbing, AMT, and foreign income among them.

What the memo applies

Both regimes, side by side. The old regime allows exemptions under section 10 and Chapter VI-A; the new regime withdraws them apart from the employer's contribution under 80CCD(2).
Age-based basic exemption under the old regime — ₹3,00,000 for a senior citizen and ₹5,00,000 above 80, against ₹2,50,000 otherwise. The new regime has no age distinction.
Special-rate income kept separate. Short-term gains under 111A are taxed at 20% and long-term gains under 112A at 12.5% above the ₹1.25 lakh exemption. These sit outside slab income, and Chapter VI-A cannot be set against them.
Surcharge with marginal relief, including the 15% cap on income taxed under 111A, 112A and 112.
Rounding of total income under section 288A and tax under section 288B, both to the nearest ten rupees — which is why a memo can differ by a few rupees from an employer's figure.
House property losses restricted to ₹2,00,000 under the old regime, and not set off at all under the new one.