Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
Open DEMAT Account with in 24 Hrs and start investing now!
Direct Tax »
Open DEMAT Account in 24 hrs
 Average tax return processing time cut to 10 days: CBDT
 7 types of Income Tax Notice ITR filers may receive for AY 2023-24
 ITR filing: Do these advance preparations before filing your income tax return
 What are the strategies to maximize tax refunds after submitting an income tax return (ITR)?
 ITR filing: Tax rules on income from house property that your should know
 CBDT likely to issue rules on angel tax next week
 Pension Taxation: Everything you need to know for ITR filing
 Income tax guide on pension: How to file pension income in ITR?
 Six Tax Deducted at Source (TDS) Rules Changed. Heres What Every Taxpayer Should Know
 ITR filing rules for children 2023: When is it mandatory to pay taxes and file returns?
 ITR filing Last Date 2023-2024: Due date to file Income Tax Return

How to calculate taxable income for FY 2021-22 to file income tax return (ITR)
July, 08th 2022

It's important for an individual to calculate his/her total taxable income to know the correct income tax amount payable by him/her. One can earn income from different sources; these include salary, rent, capital gains from shares and mutual funds etc.

a) Income from salary
b) Income from house property
c) Income from capital gains
d) Income from business and profession
e) Income from other sources

Once the sources of income are determined, the individual must ensure to file ITR using correct the income tax return form for FY 2021-22 (AY 2022-23).

  • Income under the head 'Salary'

The total taxable income under the head 'Salary' can be easily computed via one's Form 16. It is a TDS certificate containing details of the tax deducted from salary income in each quarter, total salary paid, income tax regime chosen, tax exemptions and deductions claimed (if opted for old income tax regime).

Form 16 has to be mandatorily issued by the employer if tax has been deducted during the financial year

Form 16 has to be mandatorily issued by the employer if tax has been deducted during the financial year

Also Read: What to check in Form 16 for ITR filing

Do note that there are certain tax exemptions and deductions that can be claimed from salary income only. Further, these tax exemptions and deductions can be claimed only if the individual opts for old income tax regime. Submission of documentary proof is mandatory to claim tax exemptions and deductions.

Some of the examples of tax exemption and deductions are - Tax exemption on house rent allowance, leave travel concession and standard deduction of Rs 50,000.

However, what happens if you haven't received Form 16 from your employer? In such a scenario, your salary slips will help you to compute your taxable salary income.

If you are a pensioner, then pension received from employer will be taxable under the head, 'Income from salary'.

  • Income from house property
To know income under this head, one must first understand three concepts:
a) Self-occupied property
b) Rental property
c) Deemed to be let out

Self-occupied property is the property that is occupied by the individual himself/herself. For income tax purpose, an individual can choose any house as self-occupied house, irrespective whether he/she is residing in it or not. Income from self-occupied property will be nil.

An individual can claim any two houses as self-occupied property if he/she has more than two houses. An amendment was announced effective from FY 2019-20. From April 1, 2019, if an individual has two or more 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2023 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting