Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Discussion > Income Tax > Tax queries >

Income Tax Calculation formula in excel

    Post New Topic
Pages : 1 2





CA

[ Scorecard : 204]
Posted On 07 December 2009 at 18:12 Report Abuse

 Does anybody having excel formula for calculation of tax?

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

Please provide the same......


Online classes for CA CS CMA



Ravindra
Accounts Manager

[ Scorecard : 62]
Posted On 07 December 2009 at 19:09

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





Ansari
ca final

[ Scorecard : 439]
Posted On 07 December 2009 at 19:22

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

[ Scorecard : 889]
Posted On 07 December 2009 at 20:20

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

[ Scorecard : 62]
Posted On 08 December 2009 at 11:01

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

[ Scorecard : 889]
Posted On 08 December 2009 at 11:04

 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%




Ravindra
Accounts Manager

[ Scorecard : 62]
Posted On 08 December 2009 at 11:07

thanks




Ravindra
Accounts Manager

[ Scorecard : 62]
Posted On 08 December 2009 at 12:27

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



Total thanks : 1 times



CA Manish
CA work

[ Scorecard : 34]
Posted On 08 December 2009 at 13:41

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 AGRAWAL
PBN-KOL-PUNE-CHENNAI ("A PHILOSOPHER")

[ Scorecard : 25425]
Posted On 08 December 2009 at 14:22

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 .


Total thanks : 1 times


There are 18 Replies to this message








Related Files








Related Threads


Post your reply for Income Tax Calculation formula in excel



Your are not logged in . Please login to post replies

Click here to login


Not a member yet ?? Click here to signup

Message







    

  • Use thank button to convey your appreciation.
  • Maintain professionalism while posting and replying to topics.
  • Try to add value with your each post.



Forum Home | Forum Portal | Member Control Center | Who is Where | Popular Threads | Today's Topic | Recent Posts | Today's Posts | Post New Topic | Thread With Files | Top Threads This Month | Forum Stats | Unreplied Threads

back to the top