(1) Can anybody provide me excel formulas for calculating income tax for FY 2020-21 (AY 2021-22) & FY 2021-22 (AY 2022-23) ?
(2) Can anybody provide me excel formulas for calculating income tax from FY 1994-95 (AY 1995-96) to FY 2020-21 (AY 2021-22) for form no.-89 as I received arrears in the financial year 2020-21.
For FY 2020-21 and FY 2021-22, income tax follows the standard progressive slab structure (starting at 5% for income above ₹2.5 lakh). To claim relief on salary arrears under Section 89, you must file Form 10E on the official Income Tax e-Filing website before submitting your ITR. This form allows you to adjust the tax impact by recalculating your liability as if the income had been received in the year it was originally due.
Chirag N Shah & Associates
Mumbai
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