Income Tax and Interest Calculation in Income Tax Return (ITR's)

Friends

                    Income Tax Department has issued new ITR forms alongwith Tax and Interest Calculators,   While filling online ITR form 1,2,3 and 4 relating to  the Financial Year 2008-09 (Assessment Year 2009-10), there is no need to remember Income Tax Slabs.   In Return Preparation Utility, an excel sheet named “Calculator” is available to calculate Income Tax and Interest automatically.  Detailed information mentioned in sheet is as under

A)	This calculator takes inputs from this filled up utility. This calculator requires taxpayer to complete all schedules of the utility, including Tax Payment, TDS/TCS , sCH SI, Sch EI,etc  before using the calculator. The calculator also utilises the values of Gender, Date Of Birth, Assessment Year, Residential status, Status of taxpayer (Individual / HUF etc) for the purpose of this computation .
B)	The Green cells below are as per the value entered in Part B TI/ TTI and the yellow cells adjacent are as per the inbuilt computation.
C)	Click on Recalculate in case any of the input values in the return are being changed, to view the recomputed tax and interest values. If any calculation differs from your expected values, please verify the input values in all relevant schedules very carefully, and then press on Recalculate in case you have made any changes.
D)	After verifying and validating all input values, and generating the final computation, the system calculated values of each cell can be transferred to Part B TTI using the "Accept Calculated Values for Tax" button
E)	Please note that to calculate interest , you need to complete acceptance of final computation of tax, surcharge and Education cess by clicking on "Accept Calculated values of Tax"
S No	Calculator for Tax, Surcharge	As entered	As Calculated
1	Total income after set off of losses and deductions		0
2	Deduct : Special Rate incomes from above for arriving at Aggregate Income to be used in computation of Tax at Normal Rate		0
3	Add : Net Agricultural Income for Rate		0
4	Aggregate Income to be used for computation of Tax at Normal Rate		0
5	Tax at Normal Rates	0	0
6	Rebate on Agricultural Income	0	0
7	Special Income as per Sch SI		0
8	Tax at Special Rate	0	0
9	Tax payable on Total Income	0	0
10	Surcharge	0	0
11	Marginal Relief		0
12	Net Surcharge	0	0
13	Education Cess	0	0
14	Gross Tax Liability	0	0
S No	Calculator for Interest	As entered	As Calculated
14	Date of filing	31/07/2009	(dd/mm/yyyy)
15	Enter date upto which interest is to be calculated	31/03/2010	(dd/mm/yyyy)
16	Enter due date for filing of returns	31/07/2009	(dd/mm/yyyy)
17	Interest u/s 234A	0	0
18	Interest u/s 234B	0	0
19	Interest u/s 234C	0	0