Computation of Total Income Studio5 Heads & Sec 288A/B
Flagship CA Working Paper with Dual-Regime Comparison, Chapter VI-A & Prepaid Tax Credits
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R. K. MEHTA & ASSOCIATES
Chartered Accountants
Fort Chambers, Ground Floor, Fort, Mumbai - 400001 • FRN: 104892W
COMPUTATION OF TOTAL INCOME & TAX LIABILITY
Assessment Year: 2026-27 (Previous Year / FY: 2025-26)
| Particulars of Income / Deductions | Old Regime (₹) | New Regime (₹) |
|---|---|---|
| 1. Salaries (Sec 15-17)Gross: ₹24,00,000 | Std Ded: ₹50k (Old) / ₹75k (New) | 23,47,500 | 23,25,000 |
| 2. Income from House Property (Sec 22-27)Self-Occupied (Sec 24(b) Loan Interest) | -2,00,000 | 0 |
| 3. Profits & Gains of Business / Profession (Sec 28-44) | 3,50,000 | 3,50,000 |
| 4. Capital Gains (STCG + LTCG) (Sec 45-55) | 2,25,000 | 2,25,000 |
| 5. Income from Other Sources (Sec 56-59) | 1,05,000 | 1,05,000 |
| GROSS TOTAL INCOME (GTI) | 28,27,500 | 30,05,000 |
| Less: Deductions under Chapter VI-A80C (₹1,50,000), 80CCD (₹50,000), 80D (₹35,000), 80G, 80TTA/B | - 2,65,000 | Nil (Disallowed) |
| TOTAL TAXABLE INCOME (Rounded u/s 288A) | ₹25,62,500 | ₹30,05,000 |
| Tax on Total Income (Applicable Slabs) | 5,81,250 | 5,91,500 |
| Less: Rebate u/s 87A | - 0 | - 0 |
| Add: Health & Education Cess @ 4% | 23,250 | 23,660 |
| TOTAL TAX LIABILITY | ₹6,04,500 | ₹6,15,160 |
| Less: Prepaid Taxes & Tax CreditsTDS Salary (₹2,20,000) + TDS Non-Salary (₹15,000) + Advance Tax (₹80,000) | - 3,15,000 | - 3,15,000 |
| NET TAX PAYABLE / (REFUND) (Rounded u/s 288B) | ₹2,89,500 | ₹3,00,160 |
* Note 1: Total taxable income is rounded off to the nearest multiple of ten rupees in compliance with Section 288A of the Income-tax Act.
* Note 2: Net tax payable or refund due is rounded off to the nearest multiple of ten rupees in compliance with Section 288B of the Income-tax Act.
Date: 14th September, 2026
For R. K. MEHTA & ASSOCIATES
Chartered Accountants (FRN: 104892W)
CA Rohan Mehta
Partner • M. No. 054321