Simple Income Tax Calculator for the Financial Year 2021-22 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 2021 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., NSC Accrued Interest)

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.

13. Helpful to employers to match Gross Salary / Amount Paid to be shown in Quarterly 24Q, while filing eTDS return.

14. Form 16 Part B, Tax Calculation as per New Regime, Bulk TDS Calculator for multiple employees will also be provided on request.

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

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21 Comments

  1. N P R VITTHAL says:

    I have invested some amount in Sri gururaghavendra bank which is under sec 35a. The amount of interest on my deposit has been credited to my account after recovering 10pc tax. It is only book adjustment and nothing is withdrwn as per 35a. The interst credited has come in 26a. How can we avoid it on that income. Will you please help me

  2. Kanahiya lal Mahajan says:

    Pl. calculate IT taking into consideration above all facts i.e salary . HRA . Rent paid house provided , Car maintenance given . perks etc. so that easily can understand computaion. Thanks.

  3. Jagadeesan S says:

    No Excel sheet. Nothing. Is it really authenticated website or not. Only error message is coming while log in. They should explain clearly where went wrong.

  4. R K Dash says:

    Dear Sir,
    CAN YOU CLEAR THE DOUBT?
    IN E-FILI 2 PORTAL

    SCHEDULE ‘CFL’

    XII) TOTAL LOSS CARRIED FORWARD TO FUTURE YEARS

    CONTAINS 4 LOSS OPTIONS –

    1. HOUSE PROPERTY LOSS
    2. SHORT-TERM CAPITAL LOSS
    3. LONG-TERM CAPITAL LOSS
    4. LOSS FROM OWNING AND MAINTAINING RACE HORSES

    BUT, NOT SALARY LOSS.

    THEN, HOW TO CARRY FORWARD SALARY LOSS INCURRED IN AY 2021-22 TO AY 2022-23.???

  5. सुनिता says:

    will you provide excell sheet after paying your fee? if so,how much fee for calculation sheet?will you provide your account no,so that by Phonepay we can send amount

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