What is Computation of Income?
A systematic presentation of all the incomes, exemptions, rebates, reliefs, and deductions, together with the calculation of taxes, is known as the computation of total income. There is no set format for the same; generally following elements are considered while making the computation of total income - personal details of the assessee ( Name, father's name, address, contact details, etc), bank account details, income details, and calculation of taxes and taxes paid details.
Detailed Example of Income Computation
