Income Tax Calculator for Financial Year 2020-21 for Individuals

Republished with revised Simple Version

Simple Income Tax Calculator for the Financial Year 2020-21 in Excel for Salaried Individuals.

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 Budget 2020 in this Excel Tool for Tax Calculation.

Features :

1. Mainly useful for the salaried Employees having income includes:

    a . Income from Salary / Pension

    b.  Income from Interest (Other Sources). (Bifurcation w.r.t. Interest from Savings Bank Account, FD Interest etc.)

    c. You can input Capital Gain on Shares, Dividend Income, TDS deducted by others etc

2. Separate sheet for each Source of Income

3. Calculate Taxable Income, Tax, etc for Old Regime.

4. Provision for Automatic calculation of deduction u/s 80 GG towards Rent Payment when HRA is not received.

5. Age is calculated (as per IT Act) automatically based on DOB.

6. Tax Provisions are considered where ever required w.r.t. Senior Citizen, Very Senior Citizen, Physically Handicapped, etc.

7. Detailed statements are provided for :

    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.)

8. This File may be useful to the Employers having limited no. of employees to Calculate Monthly TDS for each Employee.

9. The Tables are structured in such a way that it will be easier to fill information in the Income Tax Return.

10. Print Preview by clicking a Button for commonly required statements.

11. Number Format, changed to Indian Number format,  instead of  Thousands, except for Negative Numbers.

12. Data Import facility is provided to import from the previous release of this Tax Calculator ie. So you don’t need to re enter all the data when the new version is released for Particular Financial Year Module.

You may contact me for any clarification in this Excel Tax Calculator at [email protected].

(Article was Originally Published on 29.05.2020 and republished with changes on 09th August 2021)