Income Tax Calculator for the Financial Year 2020-21 for Both Regimes in Excel for Salaried Individuals in India-Ver 20.01
This excel based simple and user friendly Income Tax calculator for Salaried Individuals is to compute the Income Tax for both Old and New Regime.
This will help you to decide which Regime to follow to minimize your Tax Burden.
Please read the instructions given in the Excel file for better understanding.
The Salient Features :
1. Mainly useful for the salaried Employees having income includes:
a . Income from Salary and Pension
2. Income from House Property (Self Occupied and Rented out)
3. Income from Capital Gain on (eligible) Sale of Shares and Equity oriented Mutual Funds where STT is paid.
4. Income from Interest (Other Sources). (Bifurcation w.r.t. Interest from Savings Bank Account, FD Interest etc.)
5. Separate sheet for each Source of Income
6. Calculate Taxable Income, Tax, Rebate, Surcharge, Marginal Relief and Cess.
7. Salary Particulars can be given on monthly basis. Flexible Allowance and user defined heads of allowance are incorporated
8. Calculation of Accrued Interest on NSC in neat tabular form.
9. Provision for Automatic calculation of deduction u/s 80 GG towards Rent Payment when HRA is not received.
10. Age is calculated (as per IT Act) automatically based on DOB.
11. Tax Provisions are considered where ever required w.r.t. Senior Citizen, Very Senior Citizen, Physically Handicapped, etc.
12. Section wise Tax Rules for Reference Purpose are provided;
13. Income Tax Slab
15. Sur Charge, Marginal Relief and Cess on Tax
16. Exempted Income u/s 10 & Standard deduction u/s 16
17. Deductions under Chapter VI A (Sec 80 C, 80 CCC, 80 CCD, 80 D, 80 U, 80 TTA , TTB etc.)
18. 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.
19. The Tables are structured in such a way that it will be easier to fill information in the Income Tax Return.
20. Print by clicking a Button for commonly required statements.
21. Number Format, changed to Indian Number format, instead of Thousands, except for Negative Numbers.
22. 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 at [email protected]
(Republished with Improved Tax Calculator)