Finance Act, 2013 = Previous Year 2013 14 = Assessment Year 2014 15.

Total Income (S.4)

Income under the head Salaries (S.15)

+
+
+
+
+
-

XXXX

Exemptions U/s 10 (XXXX)

Income from House Property (S.22)

XXXX

XXXX

Deductions U/s 24 (XXXX)

Profits & Gains from Business & Profession (S.28)

XXXX

XXXX

Deductions (XXXX)

XXXX

Capital Gains

XXXX

Income from Other Sources

XXXX

Clubbing of Income

XXXX

Set Off and Carry Forward of Losses

(XXXX)

GROSS TOTAL INCOME

Deductions U/s 80

XXXX
(XXXX)

TOTAL INCOME
XXXX
FOR COMPUTATION OF TAX LIABILITY following further steps will be taken:
TOTAL INCOME

XXXX

Incomes with Special tax rates (Capital Gains etc.)

Agricultural Income
TOTAL
Tax on C.

Tax on (Agricultural Income + Tax Exemption Slab)

(YY)
=======
A
B
=======
C
D
(E)

TAX LIABILITY (D-E)

Tax on Capital Gains + IOS at special rates (YY)

TOTAL TAX LIABILITY (F + G)

Finance Act, 2013 = Previous Year 2013 14 = Assessment Year 2014 15.
Total Income (S.4)
Income under the head Salaries (S.15)
Exemptions U/s 10
+
Income from House Property (S.22)
Deductions U/s 24
+
Profits & Gains from Business & Profession (S.28)
Deductions
+
Capital Gains
+
Income from Other Sources
+
Clubbing of Income
Set Off and Carry Forward of Losses
GROSS TOTAL INCOME
Deductions U/s 80
TOTAL INCOME

XXXX
(XXXX)
XXXX
(XXXX)
XXXX
(XXXX)

XXXX
XXXX
XXXX
XXXX
XXXX
XXXX
(XXXX)
XXXX
(XXXX)
XXXX

FOR COMPUTATION OF TAX LIABILITY following further steps will be taken:

TOTAL INCOME (Including LCG)
+ Agriculture Income
Total Income (Including CG + Ag.)

STEP 1 TAX ON C
i)
Tax on Long term CG 2,00,000@20%
ii)
Tax on Balance Income
Tax Payable
STEP 2 ( Agricultural Income + Tax Exemption
Slab)
Tax on ( 100,000 + 200,000)
TAX LIABILITY (D-E)
Less: Rebate u/s 87A
TOTAL TAX LIABILITY (F - G)

500,000
100,000
600,000

40,000
20,000
D

E
F
G

60,000

10,000
50,000
- 2,000
48,000