Income Tax Calculation sheet for salaried individuals
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Income Tax Calculation sheet for salaried individuals

zubairk Started The Discussion:

Hi, Please refer to the attachment (excel sheet) showing income tax calculation for the salaried individuals. ZK


Attached FilesProvided by community member zubairk. Join us to learn and grow with your peers.
File Type: xls taxcalc_2008_189.xls (178.5 KB, 3845 views)
rohitsg - Member Since: Jun 2008
Hi Vijay,

I am very happy that I came across your tax calculator in the site, www.citehr.com I have clarification regarding my income tax computation. Please clarify the same.
I was working for my previous company (Say X) from April 2007 to October 2007. Now I am working in a company say Y from October 2007 to till date. I got the Form 16 of Both the companies.
Main issue is while I was joining Y (New) company I did not disclose the income of my previous company. Also, I have shown my savings (Around 1 lakh) in my previous company as well as in new company. Since the income was less in my new company in my new company, less tax got deducted (around 4k)

Since I have shown the Savings in both the companies, it is as good as showing savings twice in a financial Year right? Means for Ex: 1 lakh in my previous company and 1 lakh here too. So I am claiming for a 2 lakh tax exemption from my taxable income right?

In these scenarios how the tax will be calculated.

Eagerly waiting for your reply.

regards,
Rohit

SPREMKR05 - Member Since: Jul 2008
Collect the form 16 of both the company and file a single I.T.return. You can't claim two lakhs exemption in a single year. In case after computing both the income, if Tax payable is there, then do pay the tax before 31st July positively.

suki.suman@gmail.com - Member Since: Nov 2008
Dear Zubairk, I don’t know how to use this excel sheet...can reply for this with examples..please:icon1:

JAWED ALAM - Member Since: Nov 2008
Hi Zubarik Excell sheet is not opening plz mail me this file at http://www.citehr.com/misc.php?do=email_dev&email=YWxhbV9qYXdlZEBpbmRpYXRpbWVzLmNvbQ== regards jawed

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