Simple Income Tax Template in Excel…. for FY 2017-18 (INDIA)

Income Tax filing is quite a complex or tedious procedure, but every working individual must complete it.

I have created a simple excel template where you can just input some numbers like your Salary, other incomes like FD etc and few other details and the template gives you an idea of How much is your Total Tax for this Financial Year and how much you have yet to pay.

Note: this template is not for senior citizens. In case, you are a senior citizen please request me on this email address and i will send you the template for senior citizen income tax calculation.

Here are the steps: 

1. Download the Income Tax Template in Excel 
 

2. In this template, Enter the Income In column “F2”
   (Note: You may have to click on "Enable Editing" on the top of the Excel, only for first time)


3. Your short-term capital gains from Shares and Mutual Funds, if any, in columns “F3” and “F4”. If there are no such capital gains then enter 0. In AY 2018-19, there is no tax on long term capital gain.


4. In this template, I am assuming that you have two bank accounts. In columns “F5” and “F6”, enter the Quarterly Interest paid which you can see in your savings passbook. If you have only one Bank account, then enter 0 in “F6”. If you have 3 or more bank accounts then email me in the link below. I will send custom template made for you


5. In Column “F7” and “F8”, enter the income generated from FD’s in any two banks.


6.      If you have any extra property which is rented out, then enter the yearly rental income in Column “F9”. If you don’t have any rental income, then enter 0. Also enter Property tax paid for this property in column “F10”


7. Finally, in “F12”, you can see your total Gross Income 😊


8. Next section, i.e. Columns “F13” to “F17” are the savings which you have done to save tax. Please enter the amounts in appropriate columns. Note that F17 will get calculated automatically. You should enter the amount only in Orange Coloured cells.


9. In Column “F29”, you will see the Total Tax due for you in this financial Year


10. In Columns “F30” to “F33”, enter Tax deducted at source for your various incomes.


11. That’s it. You can see the remaining Tax calculated for you in column “F39”. You will know how much tax to pay or to file for return.
    

Friends, I am aware that there are several fields I have not considered here. Like, Home Loan Principal and Interest Amount, House Rent etc. Do email me or leave a comment below, if you want me to add any category in this template. I would very gladly do it and send you the corrected template. Also, any other advice on the template is welcome :)

Note: If you have any complexity in your Income Tax calculations, then it is advisable to go to a CA. This template is just to cross check for yourself and to get an idea how income tax is calculated.