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Income Tax Calculation formula in excel

Dhara (CA) (204 Points)

07 December 2009

Does anybody having excel formula for calculation of tax?

or having excel sheet which calculates the tax for given income?

Please provide the same......

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18 Replies

Ravindra (Accounts Manager) (64 Points)
Replied 07 December 2009

What is the preriod of Long Term Capital Gains & Short Term Capital Gains. We have purchased land For Rs. 100000/- in March 2007 & Sold in August 2009 for Rs. 600000/- in this case which capital gains we will have to pay. any other way to save the capital gains . Pl advice

Ravindra

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Ansari (ca final) (444 Points)
Replied 07 December 2009

If a capital asset held by n assessee 4 not more than 36 months(except shares,securities,unit, ZCB) immediately prior 2 its date of transfer & gains arises such gain shall b STCG.in ur case it is a short term capital gain. 2 save tax on gain u ve 2 invest such gain U/S 54.

Hareesh H Sharma (Cleared IPCC..now article) (894 Points)
Replied 07 December 2009

Dear Ravindra sir,

Ur transfers is taxable as Short term capital gains...But hoping the land wasnt any agricultural land the you cant claim execption US 54 as Ansari said because it has to be Long Term Capital Gain to claim exemption US 54 EC and 54 F....But u can use other chapter VIA deductions from 80C to 80U to save tax

Ravindra (Accounts Manager) (64 Points)
Replied 08 December 2009

thanks for giving answer. Could you please tell me the rates of Short term capital gains & Long term capital gains.

Ravindra

Hareesh H Sharma (Cleared IPCC..now article) (894 Points)
Replied 08 December 2009

This short term capital gains of yours wil be taxed at normal rates only sir..I mean it wil be added to your other incomes...where as LTCG is taxed at 20%

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Ravindra (Accounts Manager) (64 Points)
Replied 08 December 2009

thanks

Ravindra (Accounts Manager) (64 Points)
Replied 08 December 2009

Does it mean that, if my income is Rs. 100000/- for 2009-10. so I will have to add Rs. 600,000/- + Rs. 100000/- & find out the taxable income Rs. 700000/- @ 160000/- 0% , Upto 300000/- 10% upto Rs.500000/- 20% & above 500000/- 30% is correct

Ravindra

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CA Manish (CA work) (40 Points)
Replied 08 December 2009

If Asset is held for more than 36 months than on that Long term Capital Gain @ 20%,otherwise Short term Capital Gain @ 15%. (FOr SHare,Security Period will be 12 months for LTCG)

CA Ayush Agarwal (Kolkata-Pune-Mumbai) (27186 Points)
Replied 08 December 2009

Might Be U All Forget to Owner of This Forum, Mr. Dhara, Who's Requirement is Formula For IT Computation in Excel Sheet, Here is Ur Formula. for Individual/Women/Senior Citizen.For Assessment year 2009-10. & u Can Change it According to for Which A.Y. U are in need.

IF(A39="STATUS : GENERAL",IF(AND((M51>150000),(M51<=300001)),(M51*10%-15000),IF(AND((M51>300000),(M51<=500001)),(M51*20%-45000),IF(AND(M51>500000),(M51*30%-95000),0))),IF(A39="Status : WOMEN",(IF(AND((M51>180000),(M51<=300001)),(M51*10%-18000),IF(AND((M51>=300000),(M51<=500001)),(M51*20%-48000),IF(M51>=500001,(M51*30%-98000),0)))),IF(A39="Status : SENIOR CITIZEN",(IF(AND((M51>225000),(M51<=225001)),(M51*10%-22500),IF(AND((M51>=300000),(M51<=500001)),(M51*20%-52500),IF(M51>=500001,(M51*30%-102500),0)))),0)))

Mr. Dhara If UR Geting This Formula Then its OK, Otherwise Let Me Know, I Will Take to U .

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