Income Tax Calculator for FY 2019-20 [AY 2020-21] – Excel Download

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].

Changes in Income Tax Rules:

  1. 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)
  2. Standard Deduction raised for Salaried & Pensioners from Rs 40,000 to Rs 50,000
  3. Increased Tax for super-rich: Surcharge increased to 25% for income between 2 to 5 crore & to 37% for income beyond Rs 5 crores
  4. Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEA on home loans on purchase of affordable home
  5. Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEB on Auto loans on purchase of Electric vehicles
  6. No Tax on Notional Rental Income from Second House
  7. 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
  8. TDS threshold increased from Rs 10,000 to Rs 40,000 on Bank Interest Income

For Details of changes read: 19 Key changes in Budget 2019

Download Income Tax Calculator (FY 2019-20)

Download: Free ebook for Income Tax Planning for FY 2019-20

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.

Income Tax Slabs for FY 2019-20 (AY 2020-21)
Income Tax Slabs for FY 2019-20 (AY 2020-21)

Download Income Tax Calculator

You can download the Income Tax Calculator for FY 2019-20 [AY 2020-21] from the link below.

Download Income Tax Calculator (FY 2019-20)

Also Read: 19 Important Changes in Tax Rules from April 1, 2019

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 2016-17FY 2015-16,  FY 2014-15,  FY 2013-14 FY 2012-13 and FY 2011-12 by clicking on respective links.

29 thoughts on “Income Tax Calculator for FY 2019-20 [AY 2020-21] – Excel Download

  1. Jeevananda B.Devoor says:

    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

  2. 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.

  3. M. SATISH KUMAR says:

    When click on “Free ebook for Income Tax Planning for FY 2019-20”. It is opening FY 2018-19 but not opening 2019-2.

  4. Right time shared the right document to calculate the income tax

  5. Can I claim my wife pregnancy expenses in 2019-20tax computation

  6. People drawing less than 500,000 after rebate for example Rs.490,000. Will tax applicable.

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