Income Tax Calculator (FY 2011-12) for salaried people in India and tax liabilities for FY 2012-13

There is no dearth of calculators for computation of income tax. Hundreds of online and offline calculators are available on the net. However, there are only few calculators that have capabilities to generate Form 16, salary statement and supplementary information for filing income tax return. Calculator developed for all these computations is IT Calc 11-12-1.0 that may be downloaded free of charge clicking above link and regular updates, as per the future changes in income tax rates, are promised by the developer of this utility. It is used offline and opened in Microsoft Excel. Beauty of the program lies in the fact that it provides two options for feeding pay related information. User may either provide basic information like basic pay & grade pay and other required information using drop down Menu, or may input all the pay related data manually. Calculators calculate other parameter like House Rent Allowance (HRA), Dearness Allowance and Transport Allowance etc. using basic information (BP & GP) with the help of in-built formula. User have both the options of using either auto generated data or manually entered data for income tax calculation.

People may calculate their tax liabilities for the next financial year i.e. 2012-13 based on the announcements in Financial Budget 2012. They may further find information about new tax rates and deductions. New tax calculator ITCalc 2012-13 FA is available to plan your income tax payments in advance.

Exemptions

Calculator calculates amount of qualified exemptions like 'exempted HRA',' exempted TA', exempted tuition fee & hostel fee subsidy reimbursement from the employer. All the information related to qualifying amount of exemptions is indicated when one hovers mouse over the cell. For example, an amount of Rs 100/- per month is exempted from the reimbursed amount for one child. Calculator will show the exempted amount. Like wise an amount of Rs 300/- per month is exempted from the hostel fee reimbursement. It is difficult to remember all the sections under which exemption is provided. User need not to remember anything as every piece of information is readily available. Likewise all the deductions are made as per the income tax provisions. Income tax calculator helps planning deduction of tax at source since entry of income tax deductions shows remaining amount of tax in the "Tax to be paid" column.

Salary statement has to be submitted by the employees either quarterly or half yearly to their employer's office. This calculator automatically generate the salary statement that may be submitted to the office. Format of salary statement has been prepared considering the standard format. It reduces the burden of DDO's & Account Officers as "Form 16" issued to all employees is generated automatically by this calculator. All these forms may be saved in either Excel format or PDF format. Not only this, calculator generates dummy ITR form that has been prepared based on Income Tax Department issued ITR. Information generated is similar to be filled in the actual ITR form. Even a layman can file return using information from the dummy ITR. Calculator is free for download and may prove a very useful utility to the government employees. However, it has to be downloaded every year by the users considering the changes made in the budget.