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Online Tool to Calculate Income Tax 2010-11 (Assessment year 2011-12)

It’s time to declare your estimated income tax liability for the year 2010-11 (Assessment year 2011-12) with your employer.  You may find that this online software would  come in handy for this purpose .

On the usability aspect, we have attempted to provide a new look and feel.  The interface is fully collapsible, to toggle between summary and detailed view.

On the functionality side, following are the new features.

  • As far as Pensioners and Family Pensioners are concerned it is enough if they provide the monthly pension as on March-2010.  The tool will calculate the pension for all the twelve months with varying DA element and medical Allowance if any.
  • This tool also caters to the needs of employees coming under New Pension System.  Once the option for NPS employees is selected the yearly NPS contribution by the employee and government will be calculated automatically and added to Deductions under Section 80CCD of Income Tax Act.
  • Two types of Pay or Allowances, description of which can be named by the user himself.  Work sheet will have the monthly details of such pay or allowances under the heading provided by the user.  This provides for including the monthly details of pay or allowances which are not general in nature
  • Detailed tool tips have been given for each field (text box) that require entry by the user. 
  • Details of relevant income tax law provisions have been given in the form of pdf documents.  You can view the same by clicking the relevant descriptions of income/deduction in the entry form
  • Instant calculators have been provided for calculating Income or Loss on house property and the income tax exemption on HRA.    

Here is a brief guide to use GConnect Online income tax tool.

Step 1: How to fill up Income Tax Entry Form and Generate Income Tax Work Sheet:

Click on the picture to have a bigger view.

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The above picture shows the Entry form of this tool.  Click on the picture to have a bigger view.
Enter the data sought for in the entry form that are relevant to you.  If some of the fields that accept only numbers that are not applicable to you ensure that those fields have the value 0 (zero).  In the case of fields that accept texts that are not applicable to you leave them blank.   After completion of entry form click “Click here to Generate Income Tax work sheet button” button to get the editable Work Sheet for your verification.  Also note that if you want to change any values in entry form after work sheet is generated ensure that the Generate work sheet button is clicked again for revised work sheet.

Step 2: Use of collapsed and expanded form of Income Tax Work Sheet:

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The above picture shows the collapsed form of Income Tax Work Sheet.  This is the summary view you get after you click the “Generate Income Tax Work Sheet” Button in the Entry Form.  You could see that Work Sheet contains many table and Each table consists of one category of Income or deduction.  Use Collapse all tables and Expand all Tables buttons to shrink (collapse) or Expand all tables at once.  You can also expand or shrink each table for viewing  details of particular category of income by using the button on the left of each summary to expand or shrink the same.  The idea behind showing summary view and detailed view is to provide more clarity since you have to check many  values before generating final Income tax Statement.

Step 3:  How to utilize Income Tax Work Sheet for generating Final Income Tax Statement:

Click on the picture to have a bigger view

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The above picture is fully expanded view of Income Tax Work sheet.  All the fields except results can be edited to get revised income tax calculated.  For example if you want to edit your basic pay for the months from Oct-2010 to Feb-2011 as your pay is revised from this period, go to the relevant fields  and change the values.  Note that all the values depend on these fields such as DA, HRA etc will automatically change and you will get revised income tax calculated automatically once you click outside the field which was modified by you.   After you found that work sheet is correct, click “Click here to generate Income Tax Statement” button to for getting final Income Tax Statement.

Printable Income Tax Statement:

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Use print button in the Income tax Statement Page to print statement as well as work sheet.

Click here to go to GConnect Online Income tax Tool for 2010-11 (Assessment Year 2011-12)[Login version to save your income and deductions data for instant income tax statement at any time]

Click here to go to GConnect Online Income tax Tool for 2010-11 (Assessment Year 2011-12)[No Login version – You have all the features in this tool except save option-No user name/password is required to use this tool]

We invite your suggestions on this tool as comments here.

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