Income Tax Calculator for Salaried and Pensioners for Financial Year 2018-19 or AY 2019-20 in excel format. An easy to use excel utility for calculating the Income Tax. This income tax calculator is very useful in calculating the income tax for salaried employees and pensioners especially.
This year there are certain changes made in the Income Tax i.e. hike in cess from 3% to 4% and additional benefit to senior citizen in claiming medical benefit. Standard deductions of Rs 40,000 is also included in the Income tax benefit. The list of additional benefit added this year are :
Changes in Income Tax Rules for FY 2018-19 | AY 2019-20
- Income Tax Slabs are not changed, it will be as like previous FY 2017-18
- Enhancement in Income Tax cess from present 3% to 4% with inclusion of 1% additional health cess . Earlier 2% education cess & 1% higher education cess .
- Standard Deduction of Rs 40,000 to Salaried and Pensioners. This will help the pensioners to get the additional benefits.
- No benefit on transport allowance (Rs 19,200 per annum) and medical reimbursement of Rs 15,000.
- 10% Long Term Capital Gains Tax on Equity and Equity based Mutual Funds introduced.
- Medical Insurance premium exemption for senior citizen increased from Rs 30,000 to Rs 50,000 u/s 80D
- Enhancement in Medical expenses for senior citizens to Rs 100,000 on critical illness u/s 80DDB
- Rs 50,000 exemption for interest income from Bank or Post Office Fixed/Recurring Deposits for Senior Citizens.
Download Income Tax Calculator For FY 2018-19 , AY 2019-20
* NOTE – After downloading, open the excel file on your computer/mobile. Microsoft office may show you the warning, click on ‘Edit Anyway’ !