A processor implemented method comprising: receiving, via one or more hardware processors, a calculation specification comprising one or more input fields, one or more output fields, and a plurality of intermediate calculations, wherein the calculation specification is a workbook with one or more spreadsheets linking the one or more input fields and the one or more output fields; generating, via the one or more hardware processors, a schema from the calculation specification by parsing each of the one or more spreadsheets; retrieving, via the one or more hardware processors, data related to the one or more input fields from data source mentioned in the schema and data related to the one or more output fields from a calculation code; executing, via the one or more hardware processors, the plurality of intermediate calculations based on the data related to the one or more input fields to obtain calculated values of the one or more output fields; comparing, via the one or more hardware processors, the calculated values of the one or more output fields with the retrieved data related to the one or more output fields to validate calculation code against the calculation specification; and displaying, via the one or more hardware processors, result of comparison for each of the one or more output fields as one of: (i) 'pass' if the calculated value of an output field among the one or more output fields is equal to retrieved data related to the output field and (ii) 'fail' if the calculated value of an output field among the one or more output fields is not equal to retrieved data related to the output field and highlighting the output field in the calculation specification to assist in debugging the calculation code. receiving, via one or more hardware processors, a calculation specification comprising one or more input fields, one or more output fields, and a plurality of intermediate calculations, wherein the calculation specification is a workbook with one or more spreadsheets linking the one or more input fields and the one or more output fields; generating, via the one or more hardware processors, a schema from the calculation specification by parsing each of the one or more spreadsheets; retrieving, via the one or more hardware processors, data related to the one or more input fields from data source mentioned in the schema and data related to the one or more output fields from a calculation code; executing, via the one or more hardware processors, the plurality of intermediate calculations based on the data related to the one or more input fields to obtain calculated values of the one or more output fields; comparing, via the one or more hardware processors, the calculated values of the one or more output fields with the retrieved data related to the one or more output fields to validate calculation code against the calculation specification; and displaying, via the one or more hardware processors, result of comparison for each of the one or more output fields as one of: (i) 'pass' if the calculated value of an output field among the one or more output fields is equal to retrieved data related to the output field and (ii) 'fail' if the calculated value of an output field among the one or more output fields is not equal to retrieved data related to the output field and highlighting the output field in the calculation specification to assist in debugging the calculation code.