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.

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

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

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

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