How to Prepare Anticipatory Income Tax Statement ?

anticipatory income tax calculator 2022
To find out the taxable income and the tax to be paid for the financial year, the government servants calculate the anticipated income of a financial year. One 12th of the tax amount is deducted from the salary each month. This system prevails for a long time. But this was not followed properly by most of the govt servants. Now the finance department has published a circular regarding implementation of 8+4 EMI Model for the remittance of income tax based on the salary amount drawn by the govt servants.
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What is 8+4 EMI Model?

Let us take the 12 months of a financial year as two parts – the first 8 months and the next 4 months. The first premium of income tax is usually deducted from the salary of March in a financial year. The deduction of same amount of tax premium would continue in the following 8 months if there are no other changes. We would get a clear idea of the income of the present financial year after 8 months. There may be changes in the salary income that was in the month of March. Hence it is preferred to make calculations again including the changes. Most of us have experienced the difficulty of paying a huge amount towards tax in the month of February for not revising our anticipatory income and tax. So, a revised anticipatory statement can be prepared after 8 months and tax deduction can be done based on the new amount.

Gross salary including basic salary, allowance, perquisites is calculated and deductions from 80 C to 80 U, housing loan interest, professional tax etc are lessened from the total salary income to calculate the tax amount(Old Regime). As per the anticipatory income statement, one 12th of tax should be deducted in the salary bill of every month. If the income tax amount is not deducted from the income sources, 1% interest and 1.5% of interest for not being paid the tax amount should be remitted. Penalty can be levied upon the defaulters and those who reduce the amount that is to be deducted. When there is an increase in the total salary amount due to salary hike or interest or other allowances, the govt servants should give a revised anticipatory statement and revised income tax amount ought to be deducted from the salary of the following months.

Anticipatory Income Tax Software 2022-23

Various software tools given here can be made use of, for preparing anticipatory income tax statement.
Software by Alrahiman
Anticipatory Income Tax Statement 2022-23 by Sri.Alrahiman(Ms-Access)
Software by Gigi Thiruvalla
Anticipatory Income Tax Statement 2022-23 by Sri.Gigi Thiruvalla(Ms-Excel)

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  1. ആന്റിസിപ്പേറ്ററി സോഫ്റ്റുവെയർ - ഉബണ്ടൂവിൽ പ്രവർത്തിക്കുന്നത് വേണം .സ്കൂളിലെ എല്ലാ സിസ്റ്റത്തിലും ഉബണ്ടു മാത്രമേയുള്ളൂ

    1. എന്റോ കയ്യിലുണ്ട്. താല്‌പര്യമുണ്ടെങ്കില്‍ mail IDതന്നാല്‍ മതി.

  2. Pls upload a software for calculating tax for the 2019-2020.The deadline of July 31 is very near.

  3. 2020-21 ലെ anticipatory income statement maker തയ്യാര്‍ ആയോ സര്‍ ? പുതിയ രീതിയിലും പഴയ രീതിയിലും ചെയ്തു നോക്കാവുന്ന തരത്തില്‍ ഉള്ളതാണ് എങ്കില്‍ നന്നായിരുന്നു.

  4. pdf yearly statement നേരിട്ടു upload ചെയ്തു ടക്സ് സ്റ്റേറ്റ്മെന്‍റ് ഉണ്ടാക്കുന്ന സോഫ്റ്റ്വെയര്‍ ഏത്

  5. 2022 -2023 വർഷത്തെ anticipatory statement തയ്യാറായോ ?

  6. very useful.Title "Anticipatory" is not seen in the correct.

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