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DECLARATION OF INCOME/LOSS FROM HOUSE PROPERTY (FOR COMPUTATION OF INCOME TAX) (FORM 12C)FINANCIAL YEAR: 201617 STAFF NO. NAME ADDRESS OF THE PROPERTY: SL.NO.PARTICULARS AMOUNT (IN RS.) A. GROSS ANNUAL
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How to fill out for computation ofincome tax

01
Gather all necessary documents and forms such as W-2s, 1099s, and any other income records.
02
Calculate your total income by adding up all sources of income including wages, salaries, tips, interest, dividends, and self-employment income.
03
Determine your filing status based on your marital status and household situation. The options are single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child.
04
Determine if you qualify for any deductions or credits such as the standard deduction, itemized deductions, or tax credits for education, child care, or energy-efficient home improvements.
05
Use the appropriate tax tables or tax software to calculate your tax liability based on your income and filing status.
06
Apply any deductions or credits to reduce your tax liability.
07
Complete the necessary forms and schedules such as Form 1040 or Form 1040-EZ, and any additional schedules or forms for specific deductions or credits.
08
Double-check all calculations and ensure that all forms are filled out accurately and completely.
09
Sign and date your tax return.
10
Submit your tax return by mail or electronically, depending on your preferred method.
11
Keep copies of all documents and forms for your records.

Who needs for computation ofincome tax?

01
Any individual who earns income, either through employment or self-employment, needs to compute their income tax.
02
Business owners, freelancers, and independent contractors also need to compute their income tax.
03
Families with dependents may need to compute their income tax to determine the amount of any eligible credits or deductions.
04
Homeowners and individuals who made energy-efficient home improvements may need to compute their income tax to claim applicable tax credits.
05
Individuals with complex financial situations, such as multiple sources of income or investments, may need to compute their income tax to accurately report and pay their taxes.

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Income tax is computed based on an individual's or business's taxable income, which is determined by applying the tax rate to the taxable income amount.
Individuals and businesses who earn a certain amount of income are required to file for computation of income tax.
To fill out for computation of income tax, individuals or businesses need to gather their financial records, calculate their taxable income, and report it on the appropriate tax forms.
The purpose of computation of income tax is to determine the amount of tax that an individual or business owes to the government based on their income.
Information such as income sources, deductions, credits, and other relevant financial data must be reported on for computation of income tax.
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