Income Tax Calculator FY 2019-20 Interim Budget 2019-2020 Speech has been presented by Piyush Goyal, Minister of Finance on February 1, 2019.
Income Tax Calculator FY 2019-20
Interim Budget 2019-2020 Speech has been presented by Piyush Goyal, Minister of Finance on February 1, 2019. Although no changes have been made in the tax slabs Rate, a rebate u/s 87a has been allowed till a maximum amount of Rs. 12500 to the Taxable persons having taxable income up to Rs 500000/- the limit was Rs 2500/- till taxable income of Rs 350000/- in the previous year.
But if your taxable income crosses the limit of Rs 5,00,000/- then you will have to pay tax on Rs 5,00,000/- if Your Taxable income is Rs 5,00,001/- then the tax would be Rs. 13000/- it is a tricky move by Finance Minister CA Piyush Goyal.
Along with this, Some main points are :
1. TDs on Fixed Deposit U/s 194A limit Increased to Rs 40,000/- from Rs 10,000/-
2. Tds on Rent U/s 194I limit increased to Rs 2,40,000/- from Rs 1,80,000/-
3. Standard Deduction for Salaried Person only Rs 50,000/- Flat last year it was Rs. 40,000/-
4. Limitation of purchasing residential house u/s 54 for Capital is extended… if Capital Gain is more than Rs 2 Crore then investment can be done in 2 residential houses. This benefit can be availed once in a lifetime.
5. Tax Rebate of Rs 12500/- is given u/s 87A but for this amendment in the act is required.
6. Exempt tax on 2nd self-occupied house
Income Tax Calculator For FY 2019-20 in excel with auto calculation.
Note: No tax Because the Rounded off Section will be applicable rounding nearest to Rs 10/-
[Download Calculator##download##]
But if your taxable income crosses the limit of Rs 5,00,000/- then you will have to pay tax on Rs 5,00,000/- if Your Taxable income is Rs 5,00,001/- then the tax would be Rs. 13000/- it is a tricky move by Finance Minister CA Piyush Goyal.
Along with this, Some main points are :
1. TDs on Fixed Deposit U/s 194A limit Increased to Rs 40,000/- from Rs 10,000/-
2. Tds on Rent U/s 194I limit increased to Rs 2,40,000/- from Rs 1,80,000/-
3. Standard Deduction for Salaried Person only Rs 50,000/- Flat last year it was Rs. 40,000/-
4. Limitation of purchasing residential house u/s 54 for Capital is extended… if Capital Gain is more than Rs 2 Crore then investment can be done in 2 residential houses. This benefit can be availed once in a lifetime.
5. Tax Rebate of Rs 12500/- is given u/s 87A but for this amendment in the act is required.
6. Exempt tax on 2nd self-occupied house
Income Tax Calculator For FY 2019-20 in excel with auto calculation.
| Tax Rate | Individual | 60+ but below 80 | Age 80 + |
|---|---|---|---|
| Old Tax | 13000 | 10400 | 0 |
| New Tax | 0 | 0 | 0 |
| Change | -13000 | -10400 | 0 |
| Tax Rate | Individual | 60+ but below 80 | Age 80 + |
|---|---|---|---|
| Old Tax | 13000 | 10400 | 0 |
| New Tax | 0 | 0 | 0 |
| Change | -13000 | -10400 | 0 |
| Tax Rate | Individual | 60+ but below 80 | Age 80 + |
|---|---|---|---|
| Old Tax | 33800 | 31200 | 20800 |
| New Tax | 33800 | 31200 | 20800 |
| Change | 0 | 0 | 0 |
[Download Calculator##download##]
COMMENTS