Excel Based Income Tax calculation sheet for FY 2020

Select, which Tax Regim you like to fill your return

Name of Applicant:
PAN Number :
Date of Birth (DOB) :
Age :
City of Employeement :
Summarised Data
Gross Income:
Taxable Income after deduction u/s 10:
Total Deduction u/s 80:
Other Deduction 80D-80TTB:
Net Taxable Income (NTI):
Income Tax:
Insert details of Income & Dedcution
Gross Income/Salary Annually (Don’t deduct any allowance)
Dedcution allowed u/s 10
(i) Standared Deduction (salaried and Pensioner) Rs 50,000 [Budget 2019]
(ii) House Rent Allowance (HRA)
Type of City
Amount of HRA (Basic + DA) - Annually
Amount of Actual rent paid - - Annually
HRA amount received from Employer
(iii) Any Other Exempted amount
(iv) Misc amount
Final Taxabale Income for salaried (NTI)
ADD:
Any Income from other sources
(i) Interest received from Saving Bank Account
(ii) Interest received from Deposit (Fixed Deposit / Recurring Deposit)
(iii) Interest from Income Tax Refund
(iv) Any other Income
Less: Exemption on Home Loan Interest (Sec 24)
(A) U/s 24 Amount of Home Loan Interest exempted
(B) Interest paid against home loan
Less: Deduction under Sec 80C
A. EPF & VPF Contribution
B. Public Provident Fund (PPF)
C. Senior Citizen’s Saving Scheme (SCSS)
 D. N.S.C (Investment + accrued Interest before Maturity Year)
E. Tax Saving Fixed Deposit (5 Years and above)
F. Tax Savings Bonds
G. E.L.S.S (Tax Saving Mutual Fund)
H. Life Insurance Premiums
I. New Pension Scheme (NPS) (u/s 80CCC)
J. Pension Plan from Insurance Companies/Mutual Funds (u/s 80CCC)
K. 80 CCD Central Govt. Employees Pension Plan (u/s 80CCD)
L. Housing. Loan (Principal Repayment) u/s 24
M. Sukanya Samriddhi Account
N. Stamp Duty & Registration Charges
O. Tuition fees for 2 children
Less: Additional Deduction under Sec 80CCD NPS (Max Rs 50,000/-)
Less: Deduction under Sec 80CCD(2) NPS (Employer Contribution)
Less: Deduction u/s 80EEA (Interest on Home Loan for Affordable Home) [Budget 2019]
Less: Deduction under Sec 80EEB (Interest on Auto Loan for Electronic Vehicle) [Budget 2019]

A. 80 D Health Insurance premiums

B. 80 D Medical Expenditure
B. 80 D Preventive Health Checkup
C. 80 E Interest on Loan taken for Higher education
D. 80 DD Medical Treatment of handicapped Dependent
E. 80DDB Expenditure on Selected Medical Treatment for self/dependent
F. 80EE Intrest on Loan taken for residential house property
G. 80G, 80GGA, 80GGC Donation to approved funds The Amount is computed
according to the selection of Tax
H. 80GG For Rent in case of NO HRA Component. regim (OLD or NEW).
I. 80U For Physically Disable Assesse * Old regim allow to deduct and
exempt certain sections.
J. 80TTA (Rs 10,000) for individual * New regim ristricted to deduc
or exempt sections.
K. 80TTB (Rs 50,000 for Senior Citizens (Budget 2018)
You will get Final Taxable Income
Tax Computed before rebate
Tax Rebate u/s 87A (For Income of less than 5 lakhs)
Calculated Tax amount after rebate
Surcharge @ 10% (if your income is above 50 Lakhs)
Add: Education Cess + Health Cess @ 4%
Relief u/s 89(1)
Net Tax Payable (Total Tax and Cess)
Advance Tax payable
Remaining Tax after Relief & Rebate
Important Note:
1 Don't forget to select, which Tax Regim you like to fill your return
2 Fillup only yellow blocks, if you have opt for old regim.
If you have select New regim all yellow boxes (excluding few) are converted to Red, that me
3 calculation of new regim those cells are not considered.
4 Old regim allow to deduct and exempt certain sections
5 New regim ristricted to deduct or exempt sections
6 It is recommended to fill all your data and compare which regim is beneficial for you.
7 If you are not getting any amount under HRA from your employer, you are free to enter act
8 You will also imposed interest u/s 234A, 234B, 234C and Fee u/s 234F depanding upon you

Terms of Usage: I encourage you to share this Income Tax Calculator for benefit of your frie
commercial use only.

Disclaimer: All care has been taken to keep the information upto date and correct and is for
consult your Tax Advisor before taking any decesion based on this calculator.
 T
tion sheet for FY 2020-21, AY (2021-2022)
New Tax Regim

Old Tax Regim

You have opted Old Tax Regim, you are
permitted all deduction and
XXXXXXXXXX
exemptions as earlier .
AXXXXXXXXX
4/3/1959
61
Non-Metro
Fill up only Yellow Cells under old
ata
₹ - regim, left blank in case of New regim.
0 Tax is calculated accordigly. and rest of
- the cells are lock.
₹ -
₹ - Insert Gross Salary received from your Employer
₹ -
Insert details of Income & Dedcution (in Yellow Boxes)
nce)

[Budget 2019] ₹ 50,000.00 ₹ 50,000.00

₹ -
Non-Metro
Will Get the Data from Salary Slip
₹ -
₹ -
Will Get the Data from Salary Slip ₹ -
₹ -
₹ -

₹ -
Enter
ng Deposit)

₹ -
₹ -
₹ -
 Und
allow

ds (u/s 80CCC)

Select the category by click on to it u/s

80D.
Rs 50,000/-)
ntribution)
ffordable Home) [Budget 2019]
for Electronic Vehicle) [Budget 2019]

Self & Family

Self & Family including Parents
Self & Family & Parents -
₹ -
For more information
about 80DD click here ₹ -
t for self/dependent ₹ -
₹ -
The Amount is computed ₹ -
according to the selection of Tax
regim (OLD or NEW). ₹ -
* Old regim allow to deduct and ₹ -
exempt certain sections.
* New regim ristricted to deduct -
or exempt sections. ₹ -
₹ -
₹ -
n 5 lakhs) [Budget 2019] ₹ -
₹ -
50 Lakhs) ₹ -
Salary Arrears received under certain calculation u/s ₹ -
89(1) is also deducted from Tax amount. For
calculating u/s 89(1) Click here. ₹ -
₹ -
₹ -
₹ -
our return

g few) are converted to Red, that means it is not mandatory to fill those cells, under
d.

ich regim is beneficial for you.

r employer, you are free to enter actual rent amount paid u/s 80GG.
d Fee u/s 234F depanding upon your circumstances.

Tax Calculator for benefit of your friends and family. The usage is restricted to non

tion upto date and correct and is for educational purpose only. You are encouraged to
on this calculator.
r old
w regim. For Any Queries or solution mail @
nd rest of
amit.financialcontrol@gmail.com

Employer Standared Deduction of ₹ 40000 is reintroduced in

Budget 2018 & revised by ₹ 50000 in Budget 2019 from
FY 2019-20
₹ -
For Income Tax purpose - Tax benefit according
0 to metro /Non metro cities will be avail by the
employee. For more details click here

For getting Actual HRA exemption data it is

mandatory to fill the column in Yellow colour.

₹ -

₹ -
Enter the amount earned in particular head

₹ - For getting Actual HRA exemption data, it is

mandatory to fill the column.

₹ -
 Under Section 80C the maximum exemption
allowed is ₹ 1,50,000.

New Section Introduced in Budget 2019

Deduction for interest paid on home
loan – Housing for All
Click here for more information.

New Section Introduced in Budget 2019

- Tax Exemption on Purchase of Electric
Vehicles
- Click here for more information.
-
-
₹ -
Under Section 80D Insurance
premium, Medical Expenditure &
health Checkup up to certain extend is
exempted. Click here for more
information.

Claim ₹ 10,000 U/s 80TTA for

individual & ₹ 50,000 for Senior
citizen.

₹ -
Tax Rebate u/s 87A has been revised in Budget for
people with income less than ₹ 3.5 Lakhs
Income and again updated in Budget 2019 with - ₹
12500/- for the income lessthen equal to ₹ 5 Lakhs
Click for more details

Click here to get Step by Step guide of Advance Tax

Click here to Download excel based spreed sheet to
understand and calculation u/s 234A, 234B, 234C.

Penalty for Late Filing Income Tax Return falls

under section 234F, Click here to understand the
whole concept of this section.