CA Srikant Agarwal
Under the Income Tax provisions we are required to pay tax on interest amount of Fixed deposits with Banks and other financial institutions.
For knowing the interest accrued for a period (say a financial year) on FDs (Fixed Deposits) most of the people rely on the interest certificate issued by the banks or on 26AS statement available from Income Tax site, which is generally available at the end of year and many a times is not readily available for many reasons like banks has not submitted interest details in their TDS return, many follow up with the bank is required for obtaining interest certificate and all.
Online interest calculators are available but none of them provide interest on financial year wise. They generally provide interest for the whole period of investment or interest break up for the different years which does not coincide with financial year (or previous year) applicable for the purpose of Income Tax return filing.
In this utility function we have incorporated features of calculating interest on Financial Year wise which will help the users to determine the amount of interest and to prepare their financial statements accordingly.
It may be noted that maturity amount and Interest amount calculated by using this utility may be insignificantly different from actual maturity amount and interest given by banks and financial institutions because of rounding off error.
Hope users will find this utility very user friendly.
Download Financial year wise Interest Calculator on FDs (Fixed Deposits)
When I open file, all formulas gone off.
This file does not work now, may be some updation is required
The file is not working. Inspite of sending mail to Srikanth there is no reply. tax Guru ro delete this link to enhance its reputation.
Link is very much working , which is available after login
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The Excel workbook and work sheet both are password protected. The error shown in Cell B12 is because of wrong formula in Cell F7 and F8 , The correct sequence should have been B7&”/”&C7&”/”&D7. Also the interest for every finical year will not work as the entire calculation is done on sheet2 which he has deleted while making the file. The best thing would be for Mr. SRIKANT AGARWAL is to recompile everything and post the same.
Not accurate. Lot of bugs.
http://www.taxguru.in Prepared by [email protected]
Amount Invested / Deposited (Rs) 345,000.00
Day (DD) Month (MM) Year (YYYY)
Date of Investment (DD/MM/YYYY) 15 7 2019
Date of Maturity (DD/MM/YYYY) 31 3 2020
Period of Investment (in days) 260
Rate of Interest applicable (Annual %) 7.65
Interest is compounded Quarterly 2
Maturity Value (Rs) 364,134.40
Interest for Financial year Date of Valuation (MM/DD/YYYY) Amount of Interest Cumulative amount of Investment
2019-20 3/31/2020 19,134.40 364,134.40
2020-21 3/31/2020 – 364,134.40
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First of all. Number of days is 261 and not 260 inclusive of both days.
For 261 days for same amount and same rate, interest would be 27159
i want this calculator (softwear)what i have to do? you have protcted with pass word so i cannot calculate year wise interest
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Not at all possible to download, yearwise FD interest calculator for particular financial yeats. The link is not given for useless purpose. Link will not open. Very sorry.
File is not working. Its not displaying any data after giving required data also..
File is protected. Do not open without password. kindly give password
Could you please unpretect the excel sheet. Because i want to change it for my need. Currently your excel file calculates only for simple interest. I want it for compound interest. Do you have the same for compound interest? When you see this message please send me a mail. I have an idea to improve this excel and want it to share it with you. Thanks
Not working, perhaps you haven’t entered any formula, thats why its not working. Because once we click on a cell the formula should reflect on the formula bar, but there is nothing. Update it or explain the formula.
I tried using your calculator to get FD interest by FY, but the excel does not calculate any interest. I have included the screen shot below.
Appreciate if you could tell me how to use this calculator. Thanks for your help. Rohit
This utility is very helpful but once we enter the dates in the respective columns, the output shows error. (As image attached by ankur shah). Kindly update the file or provide with the possible solution.
Still not able to use this calculator. Just change date to 12 (from inserted date of 31), result would show error. Also see the error as attached. Kindly update the file.
FILE IS NOT WORKING. ALSO HAVE YOU INCORPORATED THE TDS FACTOR IN COMPOUNDING?
yes it works if the deposit date is in between. thanks very useful. Mr P.N.Rao I do not think there is any macros. This is xlsx file so simple excel file with formulas. Mr. Agarwal please confirm
does it work if the date of deposit is not at the end of the year but somewhere between.
The file is not working for if we change the month or date or year of deposit or maturity. May be the macros got locked. May please update, it is a useful tool for many as assumed by author for non updation of records by Banks CA P N Rao
It’s not working
Year-wise figure of interest is not showing. Kindly update the same.
Pl enlighten with the procedure/step to derive the result. We could fill the data in upper table which has shown the result of maturity amount but doesn’t reflect the interest amount of financial year. Please guide us.