Auto Income Tax Calculator for Financial Year (FY) 2018-19 / Assessment Year (AY) 2019-20 in Excel Format after considering the amendment in Tax Rates, Deductions and Rebates vide Finance act 2018-19.
Financial Year 2018-19 has started and all have to calculate that how much tax is payable in financial year 2018-19. This tool of Auto Income Tax Calculator for FY 2018-19 from Taxationseva will help you to calculate the income tax in very simple way with less time and fewer efforts. After calculate your tax liability you will be able to plan your tax saving accordingly.
There are no major changes in income tax for financial year 2018-19. Tax rates for Individual assesses are same as previous financial year 2017-18.
♣ The government has allowed a standard deduction of Rs. 40,000/- to all salaried tax payers but transport allowance of Rs. 19200/- and reimbursement of medical allowances Rs. 15,000/- has been abolished.
♣ Education Cess has been replaced with Health & Education Cess and rate has been increased from 3% to 4%.
♣ Senior Citizens tax payers are allowed to avail
1. Deduction up to Rs 50,000/- per annum for medical insurance u/s 80D.
2. Deduction of interest income for Rs. 50,000 on deposits with banks and post offices. (The exemption has been increased from Rs. 10,000 to Rs. 50,000 with a new section of 80TTB).
3. Deduction u/s 80 DDB up to Rs.1 lakh (Limit u/s 80DDB, has been raised to Rs 1Lakh for amount paid for medical treatment of specified diseases).
Auto Income tax calculator is very simple and user friendly, also know all current applicable rules. You can use calculator hyperlinks to clear and understand all related rules, Information with aspects. This version 13.0 of Auto Tax Calculator is designed for salaried people with a standard deduction of Rupees 40,000/- also calculating the surcharge and marginal relief for income over and above of Rs 50 lakh & 1 Crore.