Computation Of Tax

Computation of Tax
In the books of accounts the Computation of Tax will look like:
Particulars	Amount	Amount
Basic pay		XXXXX
+ Dearness allowance		XXX
+ Annuity		XXX
+ Bonus		XXX
+ Commission		XXX
+ Arrears of salary		XXX
+ House Rent allowance	XXX (XXX)	XXX
·  Amount of HRA exempted
+ Leave travel allowance	XXX (XXX)	XXX
·  Amount exempted on Leave travel allowance
+ Perquisites	XXX (XXX)	XXX
Amount exempted
+ other allowances	XXX (XXX)	XXX
Amount exempted
+ VRS/ Retrenchment compensation	XXX (XXX)	XXX
Amount exempted
+ Gratuity received	XXX (XXX)	XXX
·  Exempted gratuity
+ Leave encashment	XXX (XXX)	XXX
Exempted leave encashment
+ Pension	XXX (XXX)	XXX
Amount exempted
+ employers contribution (in excess of 12% salary of employee)		XXX
+ Interest on PF in excess of the notified amount		XXX
Gross Salary		XXXXX
Deductions under the Section 16:
Entertainment allowance		XXX
Professional Tax paid		XXX
Income chargeable for tax under Salaries		XXXXX