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.

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

  1. Thanku sir, Income Tax Calculator

  2. Thanks sir Best knowledge -& updates of Income Tax please Briefly explain NPS deduction extra benifit how we take

  3. ACHLENDRA LAL says:

    INCOME TAX CALCULATION FOR THE F.Y.2018-19

  4. Dear Sir,
    I retired on the month of July 2018 and getting pension from the month of august 2018. How to calculate the income statement for me. Please clarify.
    Thank you
    Natarajan

  5. I m unable to download the income tax calculator. Pl guide me or send me the link thanks

  6. Hey Amit,

    Downloaded income tax calculator. very easy to understand.

    Thanks a lot.

  7. Simply fantastic site. Excellent work dear. I could find answer of all of my queries under one roof. May God bless you and your efforts ! Thank you very much.

  8. Very Usfull msg

  9. I m a government employee under nps in uttarakhand state.in our state in our pay slip government contribution is not shown that’s why it is not a part of gross pay employees contribution is shown in deductions section that is 86500₹.

    Can I show 50000 in section 80ccd (1B) (excluding section 80 c)
    86500 in section 80ccd2( excluding section 80c)
    And 36500 in section 80 ccd1( under section 80c)

  10. Thanks a lot for this useful tool.

  11. I am senior citizen working as consultant in your Income tax calculator for 2018-2019 in which column should I show the expenses for Conveyance – tax, car fuel, drivers salary and other expenses like Telephone Internet etc. Moreover the bill which I am submitting the company are deducting 10% TDS.

  12. very useful. Thnks for sharing

  13. GURU DATT SHARMA says:

    VERY EASY TO FILL, BUT PLEASE INSERT SOME LINES

    1) Add RENTAL FREE ACCOMMODATION (RFA)
    2) IN DEDUCTIONS : DONATION

  14. Shiva Kumar KT says:

    Sir,my taxable income is Rs.3,65,091, (fy 2018-19)( AY 2019-20) and i am a salaried person. Does I want to pay tax. If I want to pay tax, how much amount i has to pay.PLEASE suggest and inform to my e mail sir.Thanks a lot Sir.

  15. Hello,

    I am using your tax calculator, but after putting home loan interest also , its not calculating. Can you pls update where to to put my interest amount for home loan ??

  16. Respected sir
    Standard deduction of ₹ 40000 for assessment year 2019-20 is for all salaried. I am a salaried but I don’t receive transportat allowance is I am eligible for the standard deduction.

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