Computation of Income (COI)

What is Computation of Income (COI)

Computation of income (COI) is important document which provide Details about computation of Total income. it is a statement give comprehensive detail about Individual total income sources and its computation method.

We have Team of Chartered Accountant who are expert in Income Tax, they Crafts your computation of income based on your need.

Process of Creating Computation of Income (COI) Online

To Create Computation of Income (Online) need to follows procedure as follows:

Step 1: Required Document for COI

 Need to Provide  one or more Required Document as Follows:

• Filed Income Tax Return (Detail Statement of ITR)
• Provide Sources of Income (like Agriculture or other income – If Any)
• Provide JSON filed of Filed ITR
• Give secure Access to income Tax Return

Step 2: Check and Approved Draft Computation of Income

After Receipt of required Document, generated Draft computation of income (Draft COI) will be generated and send you for your verification for Approval.

Step 3: Modification and Creation of Final Computation of Income

After modification and changes provide by you in draft computation of income, a final computation of income will be generated on will send you on.

Computation of Income use cases

Computation of income uses for various purpose like to Access your income tax liability, Bank Loan, Finance or Credit or various Government Scheme. Computation of Income For Visa Application are also a main Use. 

• Computation of income for Visa Application purpose
• Computation of income for Foreign Education or Employment Purpose
• Computation of income for Bank Loans
• Computation of income for Financial Credit or Bank Guarantee
• Computation of income for Various Government Scheme and Benefits
• Computation of income for Tax Calculation
• Computation of income for Income Tax Return Filling (ITR)
• Computation of income for Income Tax Notice or Income tax Reply Submission
• Computation of income for Tax Planning
• Computation of income for Term Insurance Policy
• COI for various other purpose as per your need.

Details in Computation of Income

A. Details of Individual in COI

1. Name of Person
2. Father’s Name
3. Address 
4. Permanent Account Number (PAN)
5. Date of Birth
6. Gender
7. Status
8. Residential Status
9. Previous Year (P.Y)
10. Assessment Year (A.Y)
11. Nature of Business/ Profession (If Any)

B. Computation of Total Income

(i)Head of Income

• Income from Salary
• Income from House Property
• Income From Business or Profession
• Income from Capital gains
• Income From Other Sources

(ii) Gross Total Income

(iii) Deduction under Chapter VIA

(iv)Total Income:(ii)-(iii)

(v) Total Income (Rounding off)

C. Tax Calculation

1. Basic Exemption Limit
2. Tax at Normal Rates
3. Total Tax
4. Tax Rebate us 87A
5. Tax Payable (3-4)
6. Tax Deposited
7. Tax Payable/Refundable Amount

D. Comprehensive Details of Computation of Income

• Income from Salary Details
• Income from House Property Details
• Income From Business or Profession Details
• Income from Capital gains Details
• Income From Other Sources Details
• Deduction us Chapter VIA Details

E. Attachment/ Annexure in Computation of Income (COI)

• Statement of Profit and Loss (P & L statement)
• Balance Sheet
• Turnover Details

F. Other Details

• Bank Account Details
• Return Filing Due date
• Return Filed Date
• Verified By

G. COI Certification Type

Computation of Income Verification Type: Self Certified

This COI is Self Certified or Self Verified by himself based on their Income. No Chartered Accountant Stamp and Certification are Attached with This Type of COI.