Income/Expense Statement Generator

Income & Expense Statement Generator

Generate a comprehensive Income & Expense Statement for ITR filing with tax liability computation

📋 Personal Details

Name

PAN

Financial Year

Assessment Year

Tax Regime

Age Group

💰 Income Details

Income Head	Amount (₹)

📉 Chapter VI-A Deductions

Deduction Section	Amount (₹)

Income & Expense Statement Info: This statement summarizes all income heads (Salary, House Property, Business, Capital Gains, Other Sources) and deductions under Chapter VI-A for ITR filing. Under the Old Regime, all Chapter VI-A deductions are available. Under the New Regime, most deductions (80C, 80D, etc.) are not available except 80CCD(1B) for NPS. Choose the regime that minimizes your tax liability.

About Income/Expense Statement Generator

The Income/Expense Statement Generator creates detailed income and expense statements for individuals and businesses, essential for financial planning, loan applications, and tax compliance. The statement categorizes all sources of income and types of expenses, computes net savings, and provides a clear financial overview. For businesses, it serves as a profit and loss statement; for individuals, it helps track spending patterns and identify tax-saving opportunities.

Maintaining proper income and expense records is crucial for both individuals and businesses. For taxpayers, it helps maximize deductions and accurately compute taxable income. For businesses, it is mandatory under the Income Tax Act to maintain books of accounts if turnover exceeds prescribed limits. Our generator provides categorized templates for salary income, business income, rental income, capital gains, and all common expense categories, making financial documentation easy for FY 2026-27.

Key Features

Categorized income and expense entry
Automatic totals and net computation
Monthly and annual statement generation
Tax-relevant category grouping
Print and PDF export

Frequently Asked Questions

Why is an income and expense statement important?

An income and expense statement is important because: (1) It helps track where your money goes, (2) It is required for loan and visa applications, (3) It makes tax filing easier by categorizing deductible expenses, (4) It helps identify saving opportunities, and (5) For businesses, it is legally required for tax compliance and audit purposes. Without proper records, you may miss deductions and pay more tax.

What expenses are deductible for income tax?

Key deductible expenses include: Section 80C — PPF, ELSS, insurance, home loan principal (up to ₹1.5 lakh); Section 80D — health insurance premium (₹25,000/₹50,000); Section 24(b) — home loan interest (up to ₹2 lakh); HRA exemption; Section 80E — education loan interest; Section 80G — donations; LTA exemption; and business expenses for self-employed. Maintaining proper records of these expenses is essential for claiming deductions.

Income/Expense Statement Generator