Income Tax Software[Form of Tax Calculation]

Income Tax Software   

Tax Calculator

                       In this post, we are going to share with you people a very useful software for calculation of Income Tax. Using this software you can calculate income tax during this Financial Year that is 2019-20(Assessment Year 2020-21).

                 With the help of this software, you can check your income tax instantly. Just fill the information according to form as given below:-

1. Select the age of a person for whom you want to calculate Income Tax.
2. Select applicable deduction that is GPF or CPF. This means if an employee is covered under new defined contributory pension scheme then choose CPF otherwise choose GPF.
3. Enter your Name, PAN, Employee Number and Designation.
4. Enter Salary, TDS and GPF or CPF Deducted per month.
5. Under Arrears & Other Income section enter other arrears of salary received such as ACP, increment and pay revision and other income if any. Enter the date on which arrear is paid, amount of Tax deducted and amount CPF or GPF deducted if any.
6. Under the Rebates section enter House loan interest as per Interest certificated issued by the concerned bank. Note that here you have to enter only the interest amount paid by the person during the financial year and not the principal amount. Enter other kinds of rebates such as Education loan(80E) and Professional tax deducted etc.
7. Under Savings Section, the GPF amount will already be picked up from the Gross amount of GPF if you have selected GPF as an applicable deduction. Now enter every kind of saving which is accountable under section 80C like the amount of Life Insurance Policies paid, the amount deducted under Group Insurance Scheme, Public Provident Fund, mutual funds, Tuition Fee paid(up to two children only), etc. In HBL Principal Column, enter the amount of Principal paid towards the repayment of House Building loan. This amount will be mentioned in the Interest loan certificate by the bank.
8. After entering all the savings you will find the total amount and in the column maximum allowed, it will be automatically shifted to 1,50,000/- if it is more than that and if it is less than 150000/- then the same amount will be picked up.
9. In 80CCD(2) column, the Gross amount of CPF according to what you have entered in the first step will be mentioned. 80CC(2) is a matching share that the employer paid towards the contribution of CPF. It will be added after and above savings of Rupees 1,50,000/- and this amount will also be added to your Gross amount of Salary and arrears that are added to your Gross salary.
10. Now enter any other kind of deduction which allowable under Income Tax act 1961.
11. Enter the applicable amount of deduction of tax benefit provided to persons suffering from a disability. This deduction can be claimed under section 80U and to avail the deduction one must have a certificate of Disability.
12. In the end, you will get the total amount of deduction. This deduction will get minus from the amount provided in the Balance amount column and you will get Taxable Income.
13. After this, you will come to know that what amount is payable in the form of tax means you will get payable tax.
14. In the pre-deducted column, enter the amount of tax that is already deducted.
15. In the End, you will get a Balance amount of tax which is pending for deduction and will get Refund amount, if more tax is deducted than the payable amount. In other words, If you see a negative sign in Balance/Refund Column then it's a refund and no more tax should be deducted and if there is no negative sign then tax is still pending for deduction.
16. At the right bottom corner, you can see slab wise tax. Means you can check what amount of tax deducted up to 5 lacs, 5 to 10 lacs and above 10 lacs.

                     We hope this Income tax calculation software will be helpful for you in the calculation of tax during Financial Year 2019-20 (Assessment Year 2020-21). For any kind of suggestion or changes, you can comment in the comment box available below so that we can modify it as per your requirement. Thanks.

Income Tax Calculation Software