Income Tax Calculator for FY 2018-19 [AY 2019-20] – Excel Download

Budget 2018 has made some changes to Income tax for individual. There has been no changes in the income tax slab, however there have been some changes related to salaried/pensioner tax payers and senior citizens. We highlight the changes and give you the new tax calculator for FY 2018-19 [AY 2019-20].

Changes in Income Tax Rules:

1. No Change in Income Tax Slabs

2. 1% additional health cess taking total cess on income tax to 4% (2% education cess & 1% higher education cess continues). This will marginally increase income tax for every tax payer.

Download: Excel based Income Tax Calculator for FY 2019-20 [AY 2020-21]

3. Standard Deduction of Rs 40,000 to Salaried and Pensioners. However transport allowance (Rs 19,200 per annum) and medical reimbursement of Rs 15,000 has been abolished. So the net benefit for salaried would be Rs 5,800 only bringing marginal relief. However Pensioners would gain as they did not have transport & medical allowance.

4. 10% Long Term Capital Gains Tax on Equity and Equity based Mutual Funds introduced.

5. Medical Insurance premium exemption for senior citizen increased from Rs 30,000 to Rs 50,000 u/s 80D

6. Medical expenses will see increased tax benefits for senior citizens. 100,000 on critical illness u/s 80DDB

7. Rs 50,000 exemption for interest income from Bank or Post Office Fixed/Recurring Deposits for Senior Citizens

[button link=”https://apnaplan.files.wordpress.com/2018/06/income_tax_calculator_fy_2018_19_v4.xlsx” size=”large” style=”download” color=”darkcyan” text=”light”]Download Income Tax Calculator (FY 2018-19)[/button]

Download: Free ebook for Income Tax Planning for FY 2018-19

Income Tax Slab for FY 2018-19 [AY 2019-20]

For Income Tax Purpose – citizens above age of 60 are considered as Senior Citizens and above age of 80 are considered Very Senior citizens.

Budget 2018 - Income Tax Slabs for FY 2018-19
Budget 2018 – Income Tax Slabs for FY 2018-19

Download Income Tax Calculator

You can download the Income Tax Calculator for FY 2018-19 [AY 2019-20] from the link below.

[button link=”https://apnaplan.files.wordpress.com/2018/06/income_tax_calculator_fy_2018_19_v4.xlsx” size=”large” style=”download” color=”darkcyan” text=”light”]Download Income Tax Calculator (FY 2018-19)[/button]

Also Read: 13 Important Changes in Tax Rules from FY 2018-19

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Here are some posts which can help you with e-filing of ITR 2019:

1. 9 Most Important Changes in ITR Forms for AY 2019-20

2. Calculate your Tax liability for FY 2018-19 (AY 2019-20)

3. Download 44 page slideshow showing all tax exemptions

4. Which ITR form to fill for Tax Returns for AY 2019-20?

5. How to Claim Tax Exemptions while filing ITR?

6. Use Challan 280 to Pay Self Assessment Tax Online

7. Form 26AS – Verify Before Filing Tax Return

8. 5 Ways to e-Verify your Income Tax Returns

9. What if You DO NOT file your Returns by due Date?

10. Can I file my Last Year Tax Return?

11. Why and How to Revise Your Tax Return?

12. What does Intimation U/S 143(1) of Income Tax Act mean?

13. What happens after you file your ITR?

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Limitations of the Calculator:

  • This Calculator is for people with only one home
  • It does not computes Capital Gains Tax

These features might be incorporated in next versions of the Tax calculator

You can also download Income Tax Calculator for FY 2017-18, FY 2016-17FY 2015-16,  FY 2014-15,  FY 2013-14 FY 2012-13 and FY 2011-12 by clicking on respective links.

104 thoughts on “Income Tax Calculator for FY 2018-19 [AY 2019-20] – Excel Download”

  1. Barnali B Goswami

    in Aug 2018 – In a Joint savings account – After death of 1st holder, the joint account holder clossed that particular account & transfer the fund to her own savings account. The relation betwwen them ate father in law & daughter in law. is that fund taxable income

  2. sir,
    The standard deduction given Rs 40000/- . whether this deduction for individual other than pensioner and salaried people?

  3. I am retired Bank employee. But I am not getting any pension. I am P F optee. My lively hood is going on interest earned on my FDs. I am filing my IT returns every year promptly. Whether I am eligible to claim standard deduction of Rs.40000.00 for the FY 2018-2019.

    1. Dear Sir,
      Sec 112-A of IT act (regarding long term capital gain FAIR MARKET VALUE/GRAND FATHERED) applicable to AY 2020-21 and for further years

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