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

Download Income Tax Calculator (FY 2018-19)

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.


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

  1. Dear sir

    how calculate income on partnership firm with out maintaining books of account
    Please give. Completed in computation on partnership firm.
    Thankyou sir

  2. Sir.I will receive about Rs20 lacs as arrears of pension which includes Rs165000/-commutation Amount from 2009 to December ,18 .No other income.I am senior citizen.kindly guide how to get tax relief under section 89?

  3. Sir , I will be receiving about 20 lacs as pension arrears from 2009 to 2018 which includes Rs167000/-as commutation amount. Kindly guide me as to how can I claim tax rebate undet section 89 of Income Tax.There is no other income in this period.I am a senior citizen.

  4. Detail of 80CCD(1B)

  5. Dear Amit,

    what amout employer side PF tax excemtion

  6. May pl clarify on the tax liability of premature closure of pension plans from insurance companies

  7. SashiBhusanTripathy says:

    Maximum medical insurance is 25000/-.Can Intake another 5000/-for check up.Sir.kindly send a reply.
    With regards
    Sashi

  8. Is city compensatory allowance and SPL. Allowance given govt. Employees exempted.

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

  10. Abhishek Kulkarni says:

    Do you have a computation sheet for business income?

  11. BHASKAR BHUSHAN says:

    Hi
    I am Central govt servant. Where is showing CEA i.e. Rs.27000 (for 1 child) and T Fee exemption i.e. 100 p.m. total 1200/- in Calculator FY 2018-19.

  12. Kindly share Mr Amit salary computation

  13. Choudhari D says:

    After long searching i could find out apnaplan.com, A single site which answers all ” ins and outs ” about filing income tax in a very easy manner.
    I sincerely and honestly appreciate your painful work which you have
    offered for the advantage of all viewers.
    Every thing sounds good on your site and is informative.
    I am senior citizen and therefore would request you to kindly provide illustrative example as to how best we can compute
    income tax from our earnings which comes through Bank deposites ( FDA ) 5 lakhs, PMVVY 15 lakhs, SCSS 15 lakhs,PPF accumulation of 17 lakhs, Provident fund pension 30000/ per annum and some money Rs 500000/ @ 15% we have kept with business parties on higher interest. How can interest exemptions can be availed. How to fill up ITR –
    1
    kindly do provide proper focus on the same

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

  15. Hi Amit,

    Please prepared INCOME TAX calculator for AY 2018-19 for NRI people specially living in Gulf region, where they don’t have Permanent Residency but NRI status due to be out of country for more than 180 days. How they calculate on their short & long term capital gain through equity or other source. and other Tax liability. Please send your calculator at mail ID. your prompt response shall be highly appreciated.

  16. Hi Amit,
    While investing in FD, the form 15G was already submitted to the banks and the banks hadn’t deducted the TDS which is evident from Form 26AS . But while efiling, those amounts were automatically picked up from Form 26AS under income from other sources and the increase the tax burden and also surprised to see there was an additional component of interest u/s 234B & 234C which appeared while efiling the tax. If it happens like this, then what is the purpose of providing the Form 15 G while investing in FD’s. Kindly clarify whether any way to avoid this interest component.

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