ABCAUS Excel Income Tax Calculator for Assessment Year 2016-17 (FY 2015-16) is excel based calculator is automatic, e.g. users are required to fill only the income under the various heads, amount of deductions to be claimed and it instantly calculates the amount of income tax payable.
It has the option to take into account all the charging heads of income which are required to be taken into account while computing the income tax of an assessee:
1. Income from Salary
2. Income from House property
3. Income from Business and Profession
4. Income from Short Term Capital Gains
5. Income from Long Term Capital Gains
6. Income from Other Sources
Apart from that, the calculator also takes into account the income tax liability arising out of:
a. Income from Agriculture
b. Income from Lotteries etc. (subject to special rate of tax)
Further, the calculator can also take care of STCG on listed equity shares, unit of equity oriented fund or unit of a business trust u/s 111A
Set off of losses under various heads of income as above and carry forward of the losses is an important step and have a bearing on the income tax payable. This calculator has option to give effect to set off of current year losses while calculating income Tax for the AY 2016-17 (FY 2015-16). Also it computes the total losses to be carried forward to the next financial year.
This is a single click calculator that instantly computes income tax on all categories of individuals; male, females, senior citizens or very senior citizens.
The calculator sheet is password protected. Users instead to fill data directly in the cells, are required to use input data buttons provided in the calculator to fill the various inputs. Macros must be enable in the excel to use the fill buttons. Users are advised to download help on how to enable macros in excel Click Here >> After filling the input data, pressing the “calculate tax” button computes the final income tax payable and/or rebate on agriculture income.
The following six fill buttons have been provided which should be used for filling the data:
|1. Fill Income Details||2.Set Off of Current Year’S Losses|
|3. Set off of Brought Forward Losses||4. Calculate Income Tax|
|5. Calculate Rebate of Agricultural Income||6. Reset Computation Form|
Please note that if the income against any of the above head is ‘zero” write “0” in the field and for neagtive income (i.e.; housing loan interest under HP income) use minus sign before the figure.