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Income Tax Calculator

Interim Budget 2019-2020 Speech has been presented by Piyush Goyal , Minister of Finance on February 1, 2019. Although no changes has been made in made in tax slabs Rate, but a rebate u/s 87a has been allowed till 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 Rs 5,00,001/- then tax would be Rs. 13000/- its 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 life time.
5. Tax Rebate of Rs 12500/- is given u/s 87A but for this amendment in the act is required.
6. Benefit u/s 80IB has increased to one more year i.e. 2020
7. Benefit has given to unsold inventory has increased to one year to two years.
8. Exempt on tax on second self-occupied house

Income Tax Calculator For FY 2019-20 in excel with auto calculation.



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Tax Rate Individual 60+ but below 80 Age 80 +
Old Tax 13000 10400 0
New Tax 0 0 0
Change -13000 -10400 0
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If Total Income is Rs 5,00,001/-
Tax Rate Individual 60+ but below 80 Age 80 +
Old Tax 13000 10400 0
New Tax 0 0 0
Change -13000 -10400 0
Note : No tax Because Rounded off Section will be applicable rounding nearest to Rs 10/-


If Total Income is Rs 6,00,000/-
Tax Rate Individual 60+ but below 80 Age 80 +
Old Tax 33800 31200 20800
New Tax 33800 31200 20800
Change 0 0 0

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