Income Tax Calculator for FY 2021-22 (AY 2022-23) – Free Excel Download

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Income Tax Calculator

The Income Tax Calculator FY 202-22 (AY 2020-21) is in Excel and is available Free for download. It calculates the tax on, Income from Salary Income from Pension Income from House Property Income from Other sources (Interest, Dividend, etc.)   Click below to download the Free Income tax refund calculator FY 2021-22 in excel free. Income Tax Slab for FY 2021-22 for Tax computation in Income Tax Calculator briefed below. The new regime of taxation is introduced from FY 2020-21, which is optional to an Assessee. In Option / alternative…

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Interest under Sec. 234A, 234B, 234C for FY 2020-21 of Income Tax Act – Excel Calculator

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Interest under Section 234A, 234B, 234C levis under Income-tax Act, 1961. For calculation of Interest under Sec. 234A, 234B, 234C for FY 2020-21 of the Income Tax Act – Excel Calculator from the link given below. The file is updated with sample data to understand the working of the File. Section 234A: Apply for the delay in furnishing the Income-tax return on or before the due date. Interest is payable only if the return is filed after the original due date. Because the due dates for filing of IT return…

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Bad Debts | Bad Debts Accounting

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bad debts

Well, First of all, there is a Debt. If getting paid in time, it is a Good Debt. And if not got paid, it became Bad Debts.   What is Debt? The company sells on credit to its customers and allows them some time as a credit period to pay off their dues, which is called a debt owed by a Debtor/purchaser to its Creditor/supplier/provider of service.   What is Bad Debt? There are some customers/debtors who taken the supplies on credit and after some time due to some reason…

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Relief under Section 89(1) on Arrears of Salary FY 2020-21 – Excel Download

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arrears of salary, relief under section 89(1)

What is Arrears of Salary? An employee may get the past year/s salary in the current year. This may be due to revision of salary from past year/s or may be due to restructuring of salary from past year/s or may be due to any other reason. The Arrears of Salary (past dues) are received in the current year along with the current period’s salary. For example, An employee receives the normal salary of Rs. 12 lakhs for the year 2020-21. And also receive salary of Rs. 1.60 lakhs say,…

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Deferred Revenue

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Deferred Revenue

We know Revenue which is also called Sales or Income. Then the question comes, What is Deferred Revenue? The Revenue for the year gets recognized to the extent it Accrues or Arises in the particular Year / Period. There are possibilities that a Company may receive the Revenue in Advance for the Sale or Services or events that are to be rendered in the future. It pertains to the next Year / Period and will get recognized only in the next Year or upon happening of an event. It means…

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Income Tax Calculator for FY 2020-21 (AY 2021-22) – Excel Download

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Income Tax Calculator for FY 2020-21

The Income Tax Calculator for FY 2020-21 (AY 2021-22) is in Excel and is available Free for download. It calculates Income from, Salary Pension House Property Other sources (Interest, Dividend, etc.)   Click below to download the Income tax calculator FY 2020-21 in excel free. Income Tax Slab FY 2020-21 for Income Tax computation are briefed below. The new regime of taxation is introduced which is optional to an Assessee. In Option / alternative 1 (Old regime), the rates remain the same as of last year as below. And all…

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Accrued Expenses | Provision for Expenses

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Accrued Expenses

Meaning of Accrued Expenses In the mercantile system of accounting, expenses are recorded on an Accrual basis. The expenses pertaining to any particular year must get Debited to the respective year. Therefore the expenses incurred in the current year, but the invoice is not received from Vendors are Accrued Expense or the Provision is made for these expenses. What is Accrual Accounting? In the mercantile system of Accounting, the expenses must get accounted for or Debited in the same year/period, for which those are pertaining. And will not get Debited…

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Income Tax Provision | Provision for Income Tax

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Income Tax Provision

-Income Tax is a Direct Tax charged on the Income of an Assessee. Income Tax is always paid in advance to avoid the interest under sections 234B & 234C. For Salary, it is always deducted as a TDS every month and for other sources of income, it is to be paid in Advance. While accounting for the business transactions every month, Income Tax provision is to be made on an estimated profit for the year. The Income Tax Provision can be made on a monthly or quarterly basis and the…

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