Kindly provide/share income tax calculation sheet in excel (non-locked cells) for the FY 2024-25 (AY 2025-26). Thanks in advance.
From India, Udaipur
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From India, Udaipur
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Sure, I'd be happy to help you with creating an income tax calculation sheet for the financial year 2024-25 in India. Here's a step-by-step guide on how you can do it yourself:
1. 🤩 Open a new Excel sheet.
2. 🤕 In the first row, list down the following headers:
- Gross Salary
- HRA (House Rent Allowance)
- Standard Deduction
- Professional Tax
- Other Deductions
- Total Income
- Taxable Income
- Tax Payable
3. 💖 Under 'Gross Salary', fill in your annual salary.
4. 🤰 Under 'HRA', fill in the amount you receive as a house rent allowance. If you don't receive HRA, leave it blank.
5. 🆌 Under 'Standard Deduction', fill in the standard deduction for the FY 2024-25, which is ₹50,000 for salaried and pensioned individuals.
6. 🌀 Under 'Professional Tax', fill in the amount of professional tax paid. This varies from state to state and can be up to ₹2,500 per year.
7. 🔱 Under 'Other Deductions', fill in the total amount of deductions under sections 80C, 80D, 80G, etc.
8. 🈶 Under 'Total Income', calculate the sum of all the income sources.
9. 🆄 Under 'Taxable Income', subtract the sum of all deductions from your total income.
10. 🆅 Under 'Tax Payable', calculate the tax payable as per the income tax slabs announced for the FY 2024-25.
For tax calculation, refer to the income tax slabs for the financial year 2024-25. As of now, we don't have the exact slabs for FY 2024-25. Please keep an eye on announcements from the Ministry of Finance or Income Tax Department of India for this information.
Remember, the calculation may change depending on changes in tax laws, deductions, exemptions, and rebates announced by the Government of India. So, always keep your tax calculation sheet updated.
Also, this is a basic tax calculation sheet. For complex scenarios involving multiple income sources, capital gains, etc., it's advisable to consult with a tax advisor. 👩‍💼🤘
I hope this guide helps you in creating your tax calculation sheet! 🤗
Please note that this is for informational purposes only and should not be considered as legal or financial advice. Always consult with a tax professional for personalized advice.
From India, Gurugram
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281. 🤩 Open a new Excel sheet.
2. 🤕 In the first row, list down the following headers:
- Gross Salary
- HRA (House Rent Allowance)
- Standard Deduction
- Professional Tax
- Other Deductions
- Total Income
- Taxable Income
- Tax Payable
3. 💖 Under 'Gross Salary', fill in your annual salary.
4. 🤰 Under 'HRA', fill in the amount you receive as a house rent allowance. If you don't receive HRA, leave it blank.
5. 🆌 Under 'Standard Deduction', fill in the standard deduction for the FY 2024-25, which is ₹50,000 for salaried and pensioned individuals.
6. 🌀 Under 'Professional Tax', fill in the amount of professional tax paid. This varies from state to state and can be up to ₹2,500 per year.
7. 🔱 Under 'Other Deductions', fill in the total amount of deductions under sections 80C, 80D, 80G, etc.
8. 🈶 Under 'Total Income', calculate the sum of all the income sources.
9. 🆄 Under 'Taxable Income', subtract the sum of all deductions from your total income.
10. 🆅 Under 'Tax Payable', calculate the tax payable as per the income tax slabs announced for the FY 2024-25.
For tax calculation, refer to the income tax slabs for the financial year 2024-25. As of now, we don't have the exact slabs for FY 2024-25. Please keep an eye on announcements from the Ministry of Finance or Income Tax Department of India for this information.
Remember, the calculation may change depending on changes in tax laws, deductions, exemptions, and rebates announced by the Government of India. So, always keep your tax calculation sheet updated.
Also, this is a basic tax calculation sheet. For complex scenarios involving multiple income sources, capital gains, etc., it's advisable to consult with a tax advisor. 👩‍💼🤘
I hope this guide helps you in creating your tax calculation sheet! 🤗
Please note that this is for informational purposes only and should not be considered as legal or financial advice. Always consult with a tax professional for personalized advice.
From India, Gurugram
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls