Report - Tax Work Sheet

Report - Tax Work Sheet

Reports > Payroll > Summary Reports

This is an important report and can be used to download the tax calculations of employees in an excel format. Breakup of the earnings and various groups is given in the excel file.

The report can be generated separately for Active or Resigned employees and for Regular / Retainers. To generate the report for previous financial years you can select the year from the drop down. In the current financial year the report will be available till the month for which payroll has been processed.

Report will be download in excel on clicking "Download Report" button.

Sections which can be seen through the report are -
1. Employee Details : details of employees are given
2. Salary u/s 17(1) : all heads of payment under section 17(1) are detailed
3. Value of Perquisites u/s 17(2) : breakup of perquisites which are added to taxable income are given
4. HRA Calculation : breakup of calculation of HRA exemption is given
5. Reimbursements Exempted : payroll reimbursements claimed by employee through vouchers and exempted from tax are given
6. Exemption u/s 17(2) : details of exemptions given under section 17(2) are detailed
7. Exemption u/s 10 : details of exemptions given under section 10 are detailed
8. Deduction under chapter VI-A : deductions under various heads of chapter VI-A are detailed
9. Other Income u/s 192(2B) : any other income including profit / loss on house property are detailed
10. Deductions u/s 16 : deductions under section 16 are detailed
11. Summary : summary of all earnings / exemptions / deductions and final tax calculations are detailed in this section

Heads in Summary section are further explained below
1. Salary 17(1) - total of salary earned under section 17(1) in current employment
2. Previous Employer - income declared u/s 17(1) in previous employer(s)
3. Perquisite u/s 17(2) - value of perquisites taxable u/s 17(2)
4. Profits in lieu of salary u/s 17(3) - amount received u/s 17(2)
5. Exemption u/s 10 - exemptions available u/s 10
6. Deduction u/s 16 - deductions available u/s 16
7. Other Income 192 (2B) - other income declared u/s 192(2B)
8. Deduction u/s VI A - deductions based on tax savings done in chapter VI A
9. Total Income (rounded off) - total income rounded to 10s, calculated as 1+2+3+4-5-6+7-8
10. Tax on Total Income - first cut calculation on tax on total income based on the applicable slabs
11. Tax Rebate u/s 87A - rebate u/s 87A
12. Marginal Relief - marginal relief for new regime employees with salary just above 12 lakhs
13. Tax Payable - calculated as 10-11-12
14. Marginal Relief Surcharge - if any marginal relief on surcharge is available 
15. Surcharge on Income - surcharge on total income after marginal relief
16. Health and Education Cess - health and education cess on total income
17. Total Tax Liability - total tax including Surcharge and Cess, calculated as 13+15+16
18. Tax Deducted (Previous Employer) - value of tax declared as deducted at previous employers
19. Tax Deducted Till Date - value of tax deducted at current employer till date
20.  Surcharge Deducted Till Date - value of surcharge deducted at current employer till date
21. Education Cess Deducted Till Date - value of cess deducted at current employer till date
22. Total Tax Deducted Till Date - grand total of tax deducted till date 19+20+21
23. Tax Deduction for future months - this is the value of tax remaining to be deducted in the financial year = 17-22
24. Remaining Tax / Remaining months - this is used to show the average tax projected to be deducted, it is calculated by dividing Tax Deduction for future months / number of remaining months  
25. Tax Deduction for this month - actual tax deduction done in the current payroll month

A sample tax calculation excel is attached.

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