Income tax law provides that tax deduction at source (TDS) will be deducted on salary on receipt basis. That means income tax will be deducted on the salary when the salary is given and not on the end of assessment year. But there is also some deduction provisions such as relief under section 89(1), house rent allowance , children education allowance, entertainment allowance, deduction under section 80C, deduction under section 80TTA, Rajiv Gandhi equity saving scheme and deduction under sections 80E, 80G, 80GG, 80U, 80D, 80DD, 80DDB. So computing taxable income with getting all the relief of income tax act and getting the refund of the amount of tax is vital for the salary holders.
So calculating the relief under various sections is necessary to file the income tax return and getting the refund because tax is already deducted on salary. So this is TDS calculator for the financial year 2012-13 and the assessment year 2013-14.
One of my friend Mr. Pranab Banerjee has developed this excel based calculator. He is from West Bengal and he feels glad to publish this TDS calculator on taxalertindia.
So download calculator developed by Mr. Pranab Banerjee from here
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