Description

Rental Income Tax Calculator Excel Template

The Oak Business Consultant presents Rental Income Tax Calculator Excel Template, which is best fitted for you if you are looking for a Rental Income Tax Calculator Excel Template with the property in Pakistan. Furthermore, the best thing about the model is that you don’t have to create any formula; you need to enter your related inputs, and the model will update the calculations automatically. This dynamic and easy-to-use Rental Income Tax Calculator Excel Template will help to estimate your taxes in a vert time-efficient manner. Thus, this template makes your tax calculation and tax filing process easier and less error prone. 

According to the information provided by the Federal Board of Revenue, under the Income Tax Ordinance, 2001, the total income includes five main categories:

1. Income from Salary – eligible for Payroll Tax or Salary Tax
2. Income from Business – eligible for Corporate Income Tax
3. Capital Gains Tax – eligible for Capital Gains Tax
4. Income from Property – eligible for Rental Income Tax
5. And Income from other sources may contain income from dividends, shares, interest etc. (which have their own tax laws)

Rental Income Tax is applied on any property under the ownership of an individual (or Association of Persons (AOP) or a Company. In addition, the tax rates differ based on who owns the property among the two parties mentioned. 

Since many individuals find Tax calculation difficult, Oak Business Consultant aims to assist with its Tax Services and Free Tax Calculator Tools to make this task easier. 

The Rental Income Tax Calculator for the Year 2022-23 – Pakistan has two primary tabs.

Welcome Page!

The ‘Welcome’ page provides essential details on how the tool is used and what further services are available that can help an individual in their Tax Registration, Tax Calculating, and Tax Filing Processes.

Rent Details

Step 1: Enter Rent Details

The inputs required for the calculations are:

• Annual Rental Income/Annual Income from Rented Property
• Owner of the Property – Individual/AOP or Company

The peach cells represent the cells where input is required. Furthermore, the rest of the cells are either calculated or explanatory. Moreover, the ‘Owner of the Rented Property’ input is a dropdown cell containing the following options:

1. Individual/AOP
2. Company

The final calculation for the Rental Income Tax is based on the options selected, as both parties have different tax rates.

Step 2: Rental Tax Rates Slabs for the Year 2022-23

The rental Tax rates for a property owned by an individual/AOP has multiple tax brackets, while a property owned by a Company has a Tax rate equal to 15%.

Step 3: Annual Rental Income Tax in Pakistan Year 2022-23

The results section contains the Rental Income Tax for 2022-2023. Moreover, the Tax Slab applied to the Annual Rental Income, and the Tax breakdown is also presented in this section.

Benefits of Rental Income Tax Calculator for the Year 2022-23

• Easy-to-use and to understand
• Requires no background knowledge of Tax Laws
• The Tax Calculator Excel spreadsheet does not require any excel knowledge. 
  • The structure is very simple and requires very little input.
  • Someone using Excel for the first time can easily navigate the Income tax calculator.
  • The excel template has locked cells so that the user can only move around the input cells. In addition, this prevents any changes in the formulas accidentally.
• The Rental Income Tax brackets/slabs are present right beside the results section for the user to review the results.
• Saves time and effort required in finding the right tax rates and applying them correctly.

Why you Should Buy this Rental Income Tax Calculator Excel Template

1. Save Time — This allows you to spend less time preparing sheets and more time on personal development and control.
2. Tested — This Rental Income Tax Deduction Calculator tool is custom-made and has been used by various individuals with positive feedback.