Budget 2019 has made some changes to Income tax for individual – the highlight being full tax rebate for individuals earning below Rs 5 Lakhs. There has been no changes in the income tax slab. We highlight the changes and give you the new tax calculator for FY 2019-20 [AY 2020-21].
Contents
Changes in Income Tax Rules:
- Rebate under Section 87A changed from Rs 2,500 to Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs (from Rs 3.5 Lakhs)
- Standard Deduction raised for Salaried & Pensioners from Rs 40,000 to Rs 50,000
- Increased Tax for super-rich: Surcharge increased to 25% for income between 2 to 5 crore & to 37% for income beyond Rs 5 crores
- Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEA on home loans on purchase of affordable home
- Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEB on Auto loans on purchase of Electric vehicles
- No Tax on Notional Rental Income from Second House
- Capital gains exemption on reinvestment in two house properties: Tax payers can now buy two houses on sale of 1 house if the capital gains are less than Rs 2 crore. This benefit can be availed only once in lifetime
- TDS threshold increased from Rs 10,000 to Rs 40,000 on Bank Interest Income
How much Taxes you Need to Pay this FY 2021-22? Download Our Income Tax Calculator to Know your Numbers
Do you know how much tax you need to pay for the year? Have you taken benefit of all tax saving rules and investments? Should you use the “NEW” tax regime or continue with the old one? In case you have all these questions just Download the Free Excel Income Tax Calculator for FY 2021-22 (AY 2022-23) and get your answers.
Income Tax Slab for FY 2019-20 [AY 2020-21]
For Income Tax Purpose – citizens above age of 60 are considered as Senior Citizens and above age of 80 are considered Very Senior citizens.
Download Income Tax Calculator FY 2019-20
You can download the Income Tax Calculator for FY 2019-20 [AY 2020-21] from the link below.
How to Pay 0 Income Tax on Salary of Rs 20+ Lakh (FY 2020-21)?
As you can see with the above income tax calculation, salary components and salary structure plays a very important role in how much income tax you pay. We have come up with some optimised salary structure using which you pay NO income tax even with CTC of more than Rs 20 Lakhs.
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 2018-19, FY 2017-18, FY 2016-17, FY 2015-16, FY 2014-15, FY 2013-14, FY 2012-13 and FY 2011-12 by clicking on respective links.
Sir I want to know how, where and in which ITR to reflect capital gains from sale of house for fy 2019-20
An Unemployed person entitled for standard deduction from his/her bank intranet income ?
Thank you for sharing very useful information. How the ELSS. help to save tax?
Sir please help me in calculation of Income Tax on arrears of salary income.. Previous year’s salary is taken in this year..please sir
In case if you have not taken as a part of previous year salary for computation of net taxable income then in the current year it is required to club such arrears of salary.
Great post thanks for sharing such valuable information with us all. it’s nice to see that you’re sharing such valuable tools with us all. Good work keep it up.
When click on “Free ebook for Income Tax Planning for FY 2019-20”. It is opening FY 2018-19 but not opening 2019-2.
at last it is 2019-20 but not 2019-20.
Right time shared the right document to calculate the income tax
Can I claim my wife pregnancy expenses in 2019-20tax computation
Yes, as a medical expenditure but within statutory limit
People drawing less than 500,000 after rebate for example Rs.490,000. Will tax applicable.
No