Tuesday, May 25, 2010

Auto Tax and Interest Calculation in ITR-1 New Saral -II


                             A new feature as Tax Calculator is added in New/Latest R.P.U. New Saral-II (ITR-1) for the Financial Year 2009-10 (Assessment Year 2010-11).   It is excellent idea to calculate Income Tax in ITR's.  Calculator  calculates Income Tax and Interest.   Tax Calculator is not available in all excel sheets of R.P.U.   It is only available in  R.P.U. excel sheet named "Income Detail" as shown in below picture. 

Steps to follow :

  1. Fill up your return following the instructions as provided separately in the Instructions for the relevant   ITR ,  downloadable from www.fastworking.blogspot.com or Click Here
  2. Validate the data entry done on each of the sheets by clicking on 'Validate' button.
  3. Click on 'Calculate Tax' button on the 'Income Details' sheet. This will calculate Tax and Interest as per the data entered in the Excel Utility. (Note : Date of filing is taken as higher of system date and date entered in Verification .)
  4. Verify the calculated Tax and Interest figures in Sl nos 8 to 15.
  5. Check Sl no 16 (Tax payable) in Sheet 'Taxes paid and Verification' . If the value is not zero, then pay Self Assessment Tax for this amount.
  6. Make Self Assessment tax entry in Sch IT and  re 'Calculate Tax'  and verify that amount in Sl no 16 is zero.
  7. Check summary data such as Total Income, Tax payable, Interest payable, Taxes paid 
  8. After above steps completed for all sheets, click on Generate XML from any of the sheets.
  9. This will take you to a Pre XML sheet for a final review of the return. 
  10. Review the number of rows entered in the various schedules and if modified, repeat Steps 1 to 9
  11. Click on 'Save XML' on the Pre XML sheet.
  12. The XML file is now saved in the same folder in which the Excel utility is saved, and can be uploaded. 

Know How to unlock your ITR-V (Click Here)

Auto Income Tax Calculator w.e.f. 01.04.2005 in a single Click 

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