0Steps for computation of total Income(TI) and tax liability
- Determination of residential status
- Classification of income under different heads
- Computation of income under each head
- Clubbing of income of spouse, minor child etc.
- Set off or carry forward & set off of losses
- Computation of Gross total income(GTI)
- Deductions from GTI
- Computation of TI
- Computation of tax liability- Application of the rates of tax on the total income
- Surcharge & Rebate under section 87A (up to ` 2,500 for resident individuals having total income of up to ` 3.5 lakh)
- Cess
- Advance tax and tax deducted at source
- Tax Payable/Tax Refundable
- Return of Income
