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Home >> Income Tax >> You are Here

Calculate online Your Income Tax in FY 2019-20 with enhanced standard deduction and new deduction of loan availed in FY 19-20 for acquiring residential house property and purchase of Electric Vehicle. View Tax Outgo benefit over FY 2018-19
Calculate Income Tax for FY 2018-19 / FY 2017-18 / FY 2016-17

Income Tax Rates / Slabs FY 19-20, FY 18-19, FY 2017-18 & FY 2016-17

NPS - 1↦ Features / Taxability & Tax Treatment on withdrawal    2↦ Partial Withdrawal Norms

Financial Year / Assessment Year

Income Tax Calculator FY 2019-20 (AY 2020-21) with Compartive Tax Calculation FY 2018-19

Income Tax Calculator FY 2019-20 - Calculates Income Tax after the benefit of standard deduction of Rs. 50000/- and also calculates tax for FY 2018-19.

Select Age
Income From Salary / Pension
Gross Income from Salary / Pension
Income from Other Sources
Other than Salary (viz. Interest Income, Income from House Property, Business & Profession, Capital Gains or any other sources)
Deductions
Deduction u/s 80C, 80CCC (max. Rs. 1.50 Lac)
Loss on House Property
(H / Loan Interest - Max. Rs. 2.00 Lac)
(In case loan availed in FY 19-20 & Interest exceeds Rs. 200000 claim deduction over and above amount u/s 80EEA upto Rs. 150000/- and in case loan availed in FY 16-17 and interest exceeds Rs. 200000 claim deduction over and above amount u/s 80EE upto Rs. 50000/-)
Serving of Intt.on Education Loan
Additional Deduction u/s 80CCD
(50,000 for contribution to the NPS)
Interest Income (SB A/C) u/s 80TTA Max. limit Rs. 10000
Dedeuction under Section 80EE
Interest on loan for acquiring residential house property, sanctioned during FY 2016-17 (Max Rs. 50000)
Dedeuction under Section 80EEA
Interest on loan for acquiring residential house property, sanctioned during FY 2019-20 (Max Rs. 150000)
Dedeuction under Section 80EEB
Interest Deduction in respect of purchase of electric vehicle, during FY 2019-20 to 2022-23 (Max Rs. 150000)
Deduction u/s 80D on Health Insurance Premium
Self / Spouse / D.Children
(No Change max. Rs. 25000/-)(Max. limit Rs 50,000/-)
For Parents Below 60
(No Change Max. Rs. 25000/-)

For Parents Above 60
(Max. Rs. 50,000/-)
Less: Section 80DDB
(Max. limit Rs 1 lac) Less: Section 80DDB
(Max Rs. 1 lac)
Financial Year2018-19 (present)2019-20 (proposed)
Gross Taxable Income
Total of Rebate Under Chapter VIA & Exemptions
Standard Deduction
Net Taxable Income
Financial Year2018-192017-18
Income Tax
Health and Education Cess
(Increased from 3% to 4%)
Total Tax Liability
Tax Impact if in (-) means less tax payable FY 19-20 In comparison to FY 18-19

Highlights of Union Budget: Presented for FY 2019-20 in Parliament on 05.07.2019

  1. PAN and Aadhaar will become interchangeable. You can use your Aadhaar number to file your I-T Returns soon.
  2. Rs.5 lakh minimum limit announced for taxpayers. In view of rising income levels, those in the Rs.2-5 crore and Rs.5 crore-and-above brackets will see increase in effective tax rate by 3% and 7%, respectively.
  3. GST rate on electric vehicles proposed to be lowered to 5%. Additional income tax deduction of Rs.1.5 lakh on interest on loans taken to purchase electric vehicles.
  4. Additional deduction of Rs.1.5 lakh on loans up to March 31 2020 for buying affordable houses.
  5. Proposal to provide Aadhaar cards for NRIs with Indian passports, after their arrival in India, with no waiting period.
  6. ?20 coin coming up.
  7. Excise duty on fuel hiked by Rs.1.
  8. To resolve the angel tax issue, startups will not be subject to any scrutiny in respect to valuation. Funds raised by startups will not require any scrutiny by the I-T department.
  9. TDS of 2% on cash withdrawals exceeding ?1 crore in a year from bank accounts, to discourage business payments in cash.
  10. Period of exemption for capital gains arising from sale of house for investment in startups to be extended to March 31, 2021.
  11. Rs.1.05 lakh crore disinvestment target for the year.
  12. TV channel to be launched for promoting startups and to help matchmaking for funds.
  13. The pension benefit will be extended to 3 crore retail traders under PM Karam Yogi Maan Dhan Scheme. It requires only Aadhaar numbers and bank accounts.
  14. Investment by FIIs and FDIs in debt securities in infrastructure debt funds to be allowed. Minimum public shareholding in listed companies can be increased from 25% to 35%.

Highlights of an Interim Budget for 2019 Presented in Parliament on 01.02.2019

Here are the highlights from budget speech:

  1. No income tax for earnings up to Rs.5 lakh
  2. Individuals with gross income of up to Rs.6.5 lakh need not pay any tax if they make investments in provident funds and prescribed equities
  3. Standard tax deduction for salaried persons raised from Rs.40,000 to Rs.50,000
  4. TDS threshold on interest on bank and post office deposits raised from Rs.10,000 to Rs.40,000
  5. TDS threshold on rental income increased from Rs.1.8 lakh to Rs.2.4 lakh
  6. I-T processing of returns to be done in 24 hours
  7. Within the next 2 years, all verification of tax returns to be done electronically without any interface with the taxpayer
  8. Package of Rs.6000 per annum for farmers with less than 2 hectares of land. Scheme to be called Pradhan Mantri Kisan Samman Nidhi.
  9. Vande Bharat Express, an indigenously developed semi high-speed train, to be launched
  10. One lakh digital villages planned in the next five years
  11. Fund allocation for the Northeast region increased to Rs. 58,166 crore, a 21% rise over last year for infrastructure development
  12. Anti-camcord regulations to be introduced in the Indian Cinematograph Act to prevent piracy and contact theft of Bollywood films.
  13. Single window clearance for Indian filmmakers.
  14. 25 per cent of sourcing for government projects will be from the MSMEs, of which three per cent will be from women entrepreneurs.
  15. National Artificial Intelligence portal to be developed soon
  16. ESI cover limit increased to Rs. 21,000. Minimum pension also increased to Rs. 1000.
  17. Mega pension scheme for workers in the organised sector with an income of less than Rs.15,000. They will be able to earn Rs. 3000 after the age of 60. The scheme will be called Pradhan Mantri Shramyogi Maan Dhan Yojana.
  18. 2% interest subvention for farmers pursuing animal husbandry.
  19. All farmers affected by severe natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely repayment
  20. Decision taken to increase MSP (minimum support price) by 1.5 times the production cost for all 22 crops
  21. The 22nd AIIMS to come up in Haryana
Modified : Sep 19, 2019
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