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.

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

 

Download Income Tax Calculator (FY 2018-19)

As this is the quick first version of income tax calculator, things might change once we go through the fine print details. Hence would be good idea to download this again after few days.

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.

Download Income Tax Calculator (FY 2018-19)

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

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.



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

  1. Mukesh Patel says:

    What is defination for senior citizen pentioner?

    If retired person from private company getting income from interest and dividend is eligible for 40000 standard deduction.l?

  2. V.Balavaidyanathan says:

    In HRA calculation 4 formulas are adopted but you have taken only 3. which ever is lower (HRA received / HRA paid / 50% of Basic & DA / HRA paid less 10% of Basic & DA). Kindly advise & clarify your opinion . All other things and calculations are good in this tax calculator and very useful to common man.

    Thanks & Regards
    V.Balavaidyanathan

    • Thank you for pointing this out. However as per section 10(13A) and Rule 2A, 50% of Basic & DA is not considered in calculation for HRA. You can please refer to this tutorial from Income tax department.

  3. D.M.SOLANKI. says:

    P.P.F.A/C(s.b.i.Bank).Intrest. is.calculate.as.income.for.incomtex!

  4. G V NARASIMHA SARMA says:

    Sir,
    I am investing in Atal pension Yojana, is this scheme having tax exemption

  5. is exemption for tax on employment u/s 16 (prof tax 200 pm) available for fy’18-19?

  6. Very Good EXCEL tool, great Job.

    But for this year following error is seen
    Removed Part: /xl/comments1.xml part with XML error. (Comments) Load error. Line 2, column 175.

    After downloading Excel File, this error is occurring. What could the problem?

    • I am not sure why are you getting this error. I checked on few other machines and it opens fine. Advice you to try on some other machine or download a fresh copy!

  7. Chandrakant Abasaheb Rajemahad says:

    If interest income of senior citizen is 90000,then what will be tds

  8. is interest income on NRE fixed deposits maintained in indian banks taxable in the hands of NRI ??

    • NRE interest income is tax free and you can also check best NRE interest rates here!

      • thank you very much! Please advise my tax consultant has been showing NRE interest income while filing income tax return in India. No other income other than interest on NRE Rupee deposits & FCNR deposits. Please advise how to reflect this in ITR 1. Residential status is NRI. Please also advise how to show investment done out of NRE income . Appreciate your feedback.

        • For AY 2018-19 NRIs cannot file ITR 1. They have to file ITR 2. Also NRE and FCNR are tax exempted while NRO is taxable.

  9. Dipanjana Dutta says:

    Age Calculation problem
    D.O.B = 18.10.1957 ,
    Logically He should be under senior citizen (As per 31.03.2018)
    But excel is calculated him as non senior citizen.
    pls suggest.

  10. Sushanta Choudhury says:

    Thank you brother… Every year I download your calculator after the budget. You are doing a great job by helping others..

  11. I got arrear of previous financial year in this financial year.and it has been deducted income tax .how do i calculate income tax? Please help me.

  12. Pensioners are also applicable for the standard deduction

  13. Prakash Chandra koshal says:

    What will be the taxable income if in FY 2019-19/AY2019-29 for Super Sr. Citizen if his Interest Incomefrom
    Banks fixed deposit ,Saving Bank Interest , works out to be RS. 5,50,000/-taking into consideration of
    Provisions of new section 80 BBT ?

  14. Please clarify the following:-

    1. Is Standard Deduction of Rs. 40000 applicable to Pensioners also.

    2. 50000 interest income exempted from tax. Is it applicable on FDs and RDs or Saving Bank interest also.

  15. Sir I am in a PSU. We are given free medical facilities and we don’t have any medical insurance. So Standard Deduction of 40,000.00 will be given in full to us and will be deducted directly from our salary. Please clarify with example.

  16. Hi Amit, How to calculate LTCG in case of Bonus Shares.

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