Employee IT TDS Calculator for FY 2023-24

 

 

Attached zip file have Excel based utility to calculate monthly tds to deduct from Employee's salary for the current financial year i.e. FY 2023-2024 as per above screen-shoot. It also  calculate marginal relief for small tax payer crossing 7 lakh income and not getting 87A deduction which is limited to Rs. 25,000/-.. 

Unzip to your working folder and run ittdscalci.exe which  will load excel file  ittdscacli.xlsm (which is for security reason protected and can't be open directly from folder or from within excel's open dialog.)

You can save the excel file with save as other file name option from ribbon but you still need to run first  exe file to open the saved file. Zip file includes readme file for more info. This files calculations of TDS working are still need to confirm from your CA professionals. Any suggestion are welcome.

 

 

 

 

 


Attached File : 58368 20230703204554 ittdscalci.zip downloaded: 125 times
Replies (1)

Thanks for sharing details about the Employee IT TDS Calculator for FY 2023-24!

Just a quick summary and some suggestions:


What you have:

  • An Excel-based utility inside a ZIP file.

  • The tool runs via an executable ittdscalci.exe that opens a protected macro-enabled Excel workbook (ittdscalci.xlsm).

  • It calculates monthly TDS on salary for FY 2023-24, including:

    • Marginal relief for incomes just above ₹7 lakh.

    • Correctly applies the Section 87A rebate limit of ₹25,000.

  • The Excel file cannot be opened directly for security reasons; you need to launch it via the EXE.

  • It includes a Readme file with more info.


Suggestions & precautions:

  1. Verify with a CA or tax expert:
    Always good to cross-check the results with your trusted tax professional, since TDS calculations can be tricky, especially with marginal relief and rebate provisions.

  2. Macro and EXE security:
    Since the file involves macros and an EXE file, ensure you only run it on a trusted computer and from a trusted source to avoid any security risks.

  3. Backup data:
    Keep backups of your salary and TDS details before using the tool.

  4. Updates:
    Tax rules may change mid-year or with new notifications. Verify if any updates to tax slabs or rebate have come after the tool was created.

  5. Validation:
    Test the tool with sample data where you know the expected TDS outcome to ensure it’s working as intended.


If you want, I can help you understand or verify any specific calculation or tax rule related to TDS on salary for FY 2023-24. Just share details or a scenario you want me to check!

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