Download and check out our popular Income Tax Calculator FY 2013-14 in Excel which incorporates the recent changes in Union Budget 2013. Although no changes in tax slabs or tax rates have been made, there are some updates like RGESS investments, tax credit for income less than Rs. 5 lakh, tax surcharge for income more than Rs. 1 crore and home loan interest benefit upto Rs. 2.5 lakhs for first time home buyers.
The Cells in the Excel File are not locked or hidden. So feel free to modify it and use it to make quick income tax calculation for yourself and your clients. And those of you who use Excel to make financial plans… check out how various Excel functions have been used to make the calculator. Excel is flexible, powerful and fun if you know how to use it
Please note this is not a comprehensive calculator… but meant for giving a quick idea of income tax liability. Its a little fun too, so play around with it :-) I have added a small calculation in the end called “income tax ratio” – know how much percentage of your monthly income actually goes to government through direct taxes. It also has HRA Exemption Calculator for quickly taking this aspect into account while calculating Income Tax.