Three screens depicted above are actually one worksheet, starting with the first screen showing some statutory details of the assessee (in our case the same employee whose salary register gives the details that are required in the second screen). This computation basically would work for only the salary income portion, even though those of you with sharper eyes would detect that income from house property, business income, capital gains and income from other sources can also be fed into these sheets. However, then the Income Tax Return ITR1 would not apply, rather some other appropriate ITR would have to be prepared. We are not going into which ITR for which set of circumstances, suffice to say that this computation is versatile enough to serve any purpose. In the workbook that I ultimately set up in combination would technically allow no entry except in the fixed details section that is Part A.
Recall that the Salary Register has a space where some investments can be declared by the assessee/employee? Those details would automatically get added to the second screen that is the beginning of Part B of the computation. Finally the third screen does the actual computation of the income with inputs about Advance Tax, Self-Assessment tax and interest and other taxes, including Tax Deducted at Source details (other then the Section 192 details which come from the salary register itself). The final purpose being the estimation of the appropriate Tax Deducted at source under section 192 of the Income-Tax Act, for the balance period for which the payslips are yet to be prepared. Once the entire 12 months are entered, one would get an idea about the tax liability of the employee for that particular financial year.
Cheers !
CA Vikram Shankar Mathur
15-Apr-2022 | 06:26 Hours IST
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