Excel based Income Tax Calculator for FY 2018-19 – AY 2019-20
Every individual is troubling to get the final amount and unable to play with exemption section like 80C, 80D, 80E, 80DD, 80DDB, 80G, 80TTA.
I have never understood the real concept of HRA exemption in my early days when I have started taxation.
Also Read:- Credit Card against Fixed Deposit
….advance tax, tax rebate and many more.
Highlights of Changes in FY 2018-19 in Income Tax return Form:
- Introduction of Standard deduction Rs 40,000 which replace conveyance allowance and medical reimbursement.
- Education and healthcare Cess on tax increased from 3% to 4%.
- New section 80TTB added for senior citizens for deduction of saving account interest income, FD and Recurring interest income up to Rs 50,000.
- Section 80D now allows up to Rs 50,000 deduction for plan taken for senior citizens.
Income Tax Slab of FY 2018-19– [AY 2019-20]
Tax slab for Men up to 60 years of age.
Sr. no. | Tax Slab (₹) | Tax (₹) |
1 | Less than ₹ 2,50,000 | Nil |
2 | ₹ 2,50,000 to ₹ 5,00,000 | (TI-₹ 2,50,000) * 5% |
3 | ₹ 5,00,000 to ₹ 10,00,000 | ₹ 12,500+(TI-₹ 5,00,000) * 20% |
4 | Greater than ₹ 10,00,000 | ₹ 1,12,500+(TI-₹ 10,00,000) * 30% |
Tax slab for Women up to 60 years of age.
Sr. no. | Tax Slab (₹) | Tax (₹) |
1 | Less than ₹ 2,50,000 | Nil |
2 | ₹ 2,50,000 to ₹ 5,00,000 | (TI-₹ 2,50,000) * 5% |
3 | ₹ 5,00,000 to ₹ 10,00,000 | ₹ 12,500+(TI-₹ 5,00,000) * 20% |
4 | Greater than ₹ 10,00,000 | ₹ 1,12,500+(TI-₹ 10,00,000) * 30% |
Tax slab for Senior Citizen aged above 60 years.
Sr. no. | Tax Slab (₹) | Tax (₹) |
1 | Less than ₹ 3,00,000 | Nil |
2 | ₹ 3,00,000 to ₹ 5,00,000 | (TI-₹ 3,00,000) * 5% |
3 | ₹ 5,00,000 to ₹ 10,00,000 | ₹ 10,000+(TI-₹ 5,00,000) * 20% |
4 | Greater than ₹ 10,00,000 | ₹ 1,10,000+(TI-₹ 10,00,000) * 30% |
Lots of my followers ask me to develop an excel based easy calculation sheet.
Click Here ITR-1 Calculator (income tax calculator AY 2019-20 excel) and download the excel sheet.
Great job boss.
Excellent material for novices like me !!!!
Thanks 🙂