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We always face the requirement of calculating Interest on our Income tax for various reasons such as delay in payment of advance tax, delay in filing of income tax return or short payment of advance tax as per required criterion.
Also, we may need to calculate the interest to validate the assessment order u/s 143(1) for any particular assessment year.
Though the calculations are pretty simple, yet we have to sometimes look through the act language to understand the period for which interest is to be charged, amount on which it is to be calculated etc. This is a general requirement for every Chartered Accountant as well as other professionals, students in their day to day life. In view of this, I have created a EXCEL based calculator which will immediately provide the user with necessary calculations based on certain data inputs. The calculator will provide interest on income tax for two aspects -
Interest when self-assessed
Interest when assessment u/s 143(1) computed
The excel sheet is protected without any password, so whenever there is a need to change the formulas or to rectify any error, the user can unprotect the sheet and make the necessary changes.
Also, it is my request towards everyone to highlight the errors through comments section or by contacting me so that I can incorporate the changes & provide the users with new version for everyone's benefit.
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