Income Tax Calculator for the Financial Year 2019-20 for Salaried Individuals in India in Excel.
Tax Planning in the beginning of the Financial Year is always better instead of doing that at the end of the year in hurry. This will help the Individual to plan their Investments in advance and submit necessary documents to their Employer in time.
I am a CA Inter Completed, Experience in Private Sector as a Head of Finance.
I have considered the Interim Budget 2019 Proposals in this Excel Tool for Tax Calculation.
1. Mainly useful for the salaried Employees having income includes:
a . Income from Salary
b. Income from House Property (Self Occupied and Rented out)
c. Income from Capital Gain on (eligible) Sale of Shares and Equity oriented Mutual Funds where STT is paid.
d. Income from Interest (Other Sources). (Bifurcation w.r.t. Interest from Savings Bank Account, FD Interest etc.)
2. Separate sheet for each Source of Income
3. Calculate Taxable Income, Tax, Surcharge and Cess.
4. Salary Particulars can be given on monthly basis. Flexible Allowance and user defined heads of allowance are incorporated.
5. Calculation of Accrued Interest on NSC in neat tabular form.
6. Provision for Automatic calculation of deduction u/s 80 GG towards Rent Payment when HRA is not received.
7. Age is calculated (as per IT Act) automatically based on DOB.
8. Tax Provisions are considered where ever required w.r.t. Senior Citizen, Very Senior Citizen, Physically Handicapped, etc.
9. Section wise Tax Rules for Reference Purpose are provided;
a. Income Tax Slab
b. Tab Rebate
c. Exempted Income u/s 10 & Standard deduction u/s 16
d. Deductions under Chapter VI A (Sec 80 C, 80 CCC, 80 CCD, 80 D, 80 U, 80 TTA , TTB etc.)
10. This File may be useful to the Employers having limited no. of employees to Calculate Monthly TDS for each Employee, Gross Salary / Amount Paid to be shown in Quarterly 24Q eTDS Purpose etc.
11. The Tables are structured in such a way that it will be easier to fill information in the Income Tax Return.
12. Print Preview by clicking a Button for commonly required statements.
13. Number Format, changed to Indian Number format, instead of Thousands, except for Negative Numbers.
14. Data Import facility is provided to import from the previous release of this Tax Calculator ie. from v 19.01 and 19.02. So you don’t need to re enter all the data when the new version is released for Particular Financial Year Module.
15. Included Notes and FAQ for better understanding. Like Gift to Minor Child and Spouse, Topics on Capital Gain, etc
You may contact me for any clarification in this Excel Tax Calculator.
Don’t forget to check income tax calculator for ay 2020.
(Republished with amendments)