The attached excel based income tax calculator of FY 2013-14 helpful to the salaried individuals to compute the income tax. The file containing six useful sheets i.e. IT rules, tax calculator, NSC interest calc, house rent receipt, computation sheet and concise calc. The file is basically compatible with excel 2003 version. The tax calculator is auto type, controls and validation limits assigned at cell levels as per to IT rules and provisions. I hope you will like it while computing the income tax over this utility. With this utility you can cross check with the payroll deductions of Income tax.
Can any one clarify my following querry:
I am working as a senior managerial position in a large steel company.As per terms & conditions of my appointment,I am being paid HRA @15 % of my Basic salary ,but the same is being deducted from my monthly salary fully as I have been provided with company\'s accomodation.But our finance people are deducting Income Tax over the entire amount of HRA disagreeing with my contention that since company is deducting the entire amount of my HRA towards House Rent from my salary ,which is also reflected in my salary slips,said amount should not be included in my taxable income.My query is whether I.Tax should be deducted from my HRA amount or not.
more at Income Tax deduction on H.R.A... CiteFin
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