Description

Personal Income Tax Calculator Excel Template

Taxes are one of the significant sources of revenue for a Government and are integral for the development of an economy if used right. Moreover, each individual becomes obligated to contribute to the Tax Revenue once their personal income reaches a certain threshold. This Personal Income Tax Calculator Excel Template is perfectly prepared for such individuals. However, often times individuals run away from it merely because the process seems too complicated and time-consuming.

Furthermore, the tax filing has become considerably more accessible in recent years owing to the Online Portal, Iris, established by the Federal Board of Revenue. Furthermore, many technologically educated individuals have registered to this portal and now file their taxes regularly. Even though the process of filing has become easier, the tax calculation process is still something that holds a lot of people back. 

Oak Business Consultant, in addition to providing Tax Registration and consultancy services, also provides this easy-to-use “Personal Income Tax Calculator Excel Template”. Moreover, the purpose of this template is to make the tax calculation process easier and more time efficient. The Individual Income Tax Calculator contains a simple input form for the Individual and Association of Persons (AOP) Taxable Income. Moreover, Individual Income Tax Brackets or Tax Slabs for the Year 2022-23 in Pakistan are also added to the Income Tax Excel spreadsheet. 

Moreover the Income Tax Calculator Excel Template is divided into two Tab:

Welcome Page!

The ‘Welcome’ page provides basic information on how to use the Income Tax Calculator. Moreover, the user will also find information on the Company and its other Tax Services for any further assistance.

Income Details

Step 1: Enter Income Details

The income details required are very simple. The Total annual taxable income and whether or not the Income from salary exceeds 75% of Total Taxable Income. The second input with respect to the salary income is required to determine which Tax Slabs or Tax Brackets will be applied to the Total Taxable Income. 

In order to avoid confusion, the input cells are color-coded ‘peach’ to identify them easily. The rest of the cells are either calculated and explanatory cells.

Step 2: Individual Income Tax Brackets (or Tax Slabs)

In order to review the results in reference to the Tax Slabs, the Tax Slabs are presented right below the inputs and results section.

The Two types of tables present in the section are for: – (source)

1. Income Tax Slabs when Salary Income exceeds 75% of Taxable Income
   
2. Income Tax Slabs when Salary Income is less than 75% of Taxable Income
   
   

Step 3: Annual Income Tax Payable for the Year 2022-23

The results section provides you with quite a few details:

1. Annual Taxable Salary Amount
   
   
2. Tax Slabs and Tax Breakdown
3. Due Date for Individuals and Association of Persons to pay the Tax
   
   

Benefits of Income Tax Calculator for the Year 2022-23 in Pakistan

• Easy to use and to understand as no knowledge of Tax laws is required.
• Expertise in excel is not required to use the Tax Calculator Tool
  • Someone using Excel for the first time can easily navigate the Income tax calculator.
  • Moreover, the excel sheet has locked cells in a manner that the user is only able to move around the input cells. This prevents any changes in the formulas accidentally.
• The Income Tax Brackets/Slabs table is below the results section. This saves the user the trouble of finding the Tax Slabs to review the results.
• Furthermore it is very time efficient.