Excel based Income Tax Calculator for FY 2019-20 – AY 2020-21
This excel-based Income tax calculator can be used for computing income tax on income from salary, pension, gifts, fixed deposit and bank interest, house rent and capital gains (short and long term gains).
Highlights of Changes in FY 2019-20 in Income Tax return Form:
- Standard deduction enhanced for salaried persons from ₹ 40,000 to ₹ 50,000 in FY 2019-20.
- Income tax slabs remain unchanged as per previous year.
- Tax rebate (u/s 87A) enhanced by ₹ 12500 from ₹ 2500, taxable income after all deductions/exemptions up to ₹ 5 lakhs is Tax-free.
- TDS deduction on fixed deposits threshold increased from existing ₹ 10,000 to ₹ 40,000.
- Additional section 80EEA on home loans on purchase of an affordable home is introduced from FY 2019-20 for Rs 1.5 Lakhs.
- Additional section 80EEB on Auto loans on purchase of Electric vehicles is introduced from FY 2019-20 for Rs 1.5 Lakhs.
Income Tax Slab of FY 2019-20 – [AY 2020-21]
Tax slab for Men up to 60 years of age.
Tax slab for Women up to 60 years of age.
Tax slab for Senior Citizen aged above 60 years.
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