Writing specific formulas are not so easy, as to write these excel formulas there are certain set of rules/procedure to write them.
To ease, we have Assume :Total Income=TI, Rounded off TI=RTI, Basic Tax=BT
- Step-1=Round off total Income in multiples of 10 RTI=ROUND(TI,-1)
- Step-2 Basic Tax(BT)=ROUND(IF(RTI>1000000,(RTI-1000000)*0.30+130000,IF(RTI> 500000,(RTI-500000)*0.20+30000,IF(RTI>200000,(RTI-200000)*0.10,0))),0)
- Step-3=Calculation of surcharge=ROUND(IF(RTI>10000000,MIN(( RTI-10000000 )*.7, BT*0.10),0),0)
- Step-4 =Calculation of section 87A: ROUND(IF(TI<500001,MIN(MAX((RTI-200000)*0.10,0),2000),0),0)
- Step-5=Calculation of Education cess and SHC=Round((BT+Surcharge-87A)*.03,0)
- Step-6=Total Tax=BT+Surcharge-87A+Cess
- Ctrl+shift+M=calculation of Income Tax of Male/female age less than 60 years in Fy 2013-14
- Ctrl+shift+S=calculation of Income Tax of Male/female age between 60-80 years in Fy 2013-14
- Ctrl+shift+E=Calculate EMI for given loan amount ,Interest Rate,Period(months)
- Ctrl+shift+I=Calculate Interest for given loan amount,Period(months),EMI
- Ctrl+shift+B=Calculate balance Loan for given interest,period,EMI
- Ctrl+shift+A=Calculate FD maturity amount for amount invested ,period,Interest rate(qtry compound)
- Ctrl+shift+R=Calculate RD maturity amount for Monthly fixed amount,period,interest rate(qtry compound)
- Spell(Num or select cell) to convert figures in rupees or in your currency .
How to Install
Download Simple Tax India Excel addin for MS excel 2003
Step-1.2 : For Excel 2007-2010 Download a Small File , unzip the file and save it in your hard disk at any place permanently (do not change location there after, otherwise all the formula results for spell will be lost.)
- Open any excel file
- Go to tools >Add-ins>Browse
- Browse the location ,where you have placed the Downloaded File,select the file(if file is not shown at the location ,then in browser window select Type of File "All Files"
- After selection ,click ok .
- A new add-in will be shown in Excel Add-ins List named as Simple Tax India
- Congrats,addin installed ,this is one time process ,no need to do it again and again ,No macro problem ,activate macro or deactivate macro etc.
- Open any work book of excel.
- Click the Microsoft Office Button ,(in 2010 click file menu) and then click Excel Options.
- Click the Add-Ins category.
- In the Manage box, click Excel Add-ins, and then click Go.
- Click on browse button ,search the file "simpletaxindia.net" as downloaded from above link,and select and press ok. Addin will be added in your excel.
- Try to execute any of the of the short cuts listed above.
- This is one time process.You can start using it now in any sheet.
- To unload an Excel add-in, do the following:
- In the Add-Ins available box, clear the check box next to the add-in that you want to unload, and then click OK.
- To remove the add-in from the Office Fluent Ribbon, restart Excel.
- In the Add-Ins available box, select the check box next to the add-in that you want to load, and then click OK
- TIP If the add-in that you want to use is not listed in the Add-Ins available box, click Browse, and then locate the add-in.
How it works
- Install Add-ins first ,as shown above.
- Type any short cuts as shown above ,and get the formula on excel sheet
- Suppose you have typed Ctrl+shift+M for calculation of Male/Female tax
- Tax value along with Taxable income ,Basic tax , Surcharge,cess etc will be shown
- You can change the Taxable Income and can get other result autometically
- Same can be done for EMI/Loan/Interest related calculation and FD RD maturity amount
- To use Spell word type" =spell(cell number or any figure)",figure will be converted in to words.suppose you have typed "=spell(100) " then it will be shown as Rupee One hindered Only "
MyNumber = Numeric Value you need to convert into words
MyCurrency = Name of your Currency - i.e. Dollar for USA
MyCurrencyPlace = Prefix or Suffix the currency, use "P" for Prefix and "S" for Suffix
MyCurrencyDecimals = Name of your Currency Decimals - i.e. Cent for USA
MyCurrencyDecimalsPlace = Prefix or Suffix the currency decimals, use "P" for Prefix and "S" for Suffix
Currency inputs are optional and you will not need to input currency details in case you are using it for Indian Currency. Still this can be used for any currency provided you give currency inputs.
Report error:Please leave comment for any errors /bugs and problem faced in installation and removal of program from excel, we will try to correct them as soon as possible.
Disclaimer :Every care has been taken to make this program error free ,however Install this program at your own risk ,we are not responsible for any calculation mistakes
Visit again & download again :Please visit this page again after few days as we will update this program/addin on the basis of the feedback from the viewers.
Copyright: This program is protected by copyright to Simpletaxiindia team and no person can upload this program on other website/forum without written permission from us.Further no person can amend this program and redistribute it.However if you like this addin then you can share the link of this page to your friends ,Sharing button given below.