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.

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

  1. Stamp duty and registration of first buying home can consider in 80c tax benefit

  2. Abhishek Kulkarni says:

    Do you have a computation sheet for business income?

  3. Kindly share Mr Amit salary computation

  4. Good info Amit.. Can you write an article on HRA component?

  5. Haresh Kukadiya says:

    i like your way of work.
    please guide me how i associate with you for future benefits.

  6. Downloaded income tax calculator. very easy to understand.

    Thanks for sharing.

  7. Whether transport allowance rebate exists in respect of disabled persons in assessment year 2019-20?

  8. Invested on equity on open market reputed company shares thru stock broker during 2017-18, capital gain or loss is to be calculated as short term or long term? which % of tax any specific template to work out this tax with you, plz share me

  9. Hi,

    Thanks for putting together the updated income tax calculator for FY18-19. It is quite useful. One question, I am not able to find where the deduction for section 80 CCD(2) is captured in this. Is this missing from the calculator?
    https://www.apnaplan.com/nps-tax-benefit/

    • In most cases 80CCD(2) is not in Form 16 and hence it need not be added while calculating total income and also in the exemption. So had left out intentionally to avoid any confusion.

  10. Dear sir, downloaded income tax calculator shows standard deduction Rs.40000/-.

    Is it eligible for the FY 2017-18?

  11. I am a central gov employee under NPS
    I have shown rs . 150000 u/s 80C
    Is it possible to take extra benefit in tax calculation of rs 50000 and what will be section to take ex5ra beñefit of rs 50000

  12. Deepak Vasant Shinde says:

    Hi Amit,
    Actually I m salaried person having 9.5 lacs package. But I have taken an personal loan for my business startup but my hard luck the business was not in profit after three years. So that y I have taken personal loan. And I pay from salary 29 thousand another house hold appliances loan is also going on up to 12000.So total I pay 41 thousand per month. And tax is also deducted. So can you help me I this way

    • If your personal loan was taken for your business you can show that as business expense. But if the loan was for personal consumption, it won’t give tax benefit!

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