?> Salaried Individuals Income Tax Excel Calculator 2019-2020 | INFOFOLLO

Salaried Individuals Income Tax Excel Calculator 2019-2020

Income Tax Excel Calculator for Salaried Individuals for the financial year 2019-2020

The Interim Budget 2019-20 in Parliament on 01st Feb 2019, the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal. Individual taxpayers having taxable annual income up to Rs.5 lakhs will get full tax rebate and therefore will not be required to pay any income tax.

Income Tax Slab Income Tax Rate
Income upto Rs. 2,50,000 Nil
Income between Rs. 2,50,001 – Rs. 500,000 5% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

Now Tax Rebate u/s 87A for individuals is increased from INR 2,500 to INR 12,500 for those who has a total Taxable income of less than INR 5,00,000.

Now the Finance Minister has increased Standard Deduction at Rs.50,000/- per year for Salaried individuals.

Last year budget existing Transport allowance or Local Conveyance (Rs.16,000/- Per Year) and medical allowance(Rs.15,000/- Per year ) has been abolished. Instead of Rs.31,000/- exemption limit previously it has now been revised to Rs.40,000/- per year. So an individual will get an overall tax relief of Rs.9,000/- per Year.Now due to increased Standard Deduction at Rs.50,000/- per year an individual will get an additional tax relief of Rs.10,000/- per Year.

There is no changes made in the tax calculation i.e. the Education cess is 4% for tax payers.

Please find below Revised Income Tax Excel Calculator for the financial year 2019-2020.

Click here to download

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