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