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Calculate online Budget Impact on Your Tax in FY 2019-20 with Comparison to Tax Outgo in FY 2018-19
AND Income Tax Calculator 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 Surces
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)
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
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 (from FY 18-19)
(Rs. 40000/- or the amount of salary whichever is less)
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

Union Finance Minister Piyush Goyal presented an Interim Budget for 2019 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