The basic principles of taxation are nearly as old as human society—the history of taxes stretches thousands of years into the past. Several ancient civilizations, including the Greeks and Romans, levied taxes on their citizens to pay for military expenses and other public services. Taxation evolved significantly as empires expanded and civilizations become more structured.

Tax saving process or the inclination to evade taxes was also have the same history, that may the reason Jesus said, “Give to Caesar what is Caesar’s, and to God what is God’s”. Our governments also recognized the payments to God or to the contribution to his works and allowed tax benefit on such payment under section 80G!!.  So, let us start planning our taxation from the beginning of the financial year and check the due amounts.

“Well begun is half done”, Aristotle.

Many of us start thinking about tax-saving plans only at the end of the financial year and often end up investing in the wrong products. Tax planning at the beginning of the financial year will help you avoid making hasty decisions at the end of the year.

As a primary step, assess your taxable income for the financial year and understand and plan the various options to save taxes. This will help you to plan your taxes effectively, manage your cash flow throughout the year and build your assets wisely, or to avoid excess investments for tax saving purpose.

We wish you good financial year ahead!

Income Tax calculator for the FY 2018-19.

Salient features of the Tax calculator.

1. Useful for the salaried employees of government and private sector, with all heads of Income including agricultural income.

2. Private sector employees can use to do their Flexi allocation and tax planning.

3. Tax and rebate calculation of agriculture income, to arrive the annual tax liability.

4. Marginal relief on surcharges where income crosses 50L and 1Cr.

5. Individual Form 16 Part B generation, useful for the small size firms.

6. Automated HRA exemption/Sec 80GG deduction calculation based on the salary and rent payments.

7. Validate and highlights the limits Chapter VI A deduction, Housing loan interest set off, and surcharge impacts.

Following are the changes in the tax rules from 2018-19, which is impacting the tax computation of the salaried employees.

1. Standard Deduction from taxable salary. Salaried individuals will get a standard deduction of Rs. 40,000 on income in place of the present exemption allowed for transport allowance and medical expenses.

2. Cessation of tax benefit on Conveyance Allowance and Medical reimbursements.The tax benefit on conveyance allowance Rs. 19,200 pa and medical reimbursement bills Rs. 15,000 pa, will no longer be valid.

3. Cess on the Income Tax has been increased to from 3% to 4%

4. Deduction towards Medical Insurance for Dependents who are Senior citizens, increased from Rs. 30,000/- to Rs.50,000/-

Income tax Slabs & Rates FY 2018- 19, AY 2019-20
Income tax Slabs General Category Sr.Citizen Very Sr. Citizen
Upto Rs. 2. 5Lakh NIL NIL NIL
Rs.2.5 Lakh to 3.0 Lakh 5% NIL Nil
Rs.3.0 Lakh to Rs.5.0 lakh 5% 5% NIL
Rs.5.0 Lakh to Rs.10.0 Lakh 20% 20% 20%
Above 10.0 Lakh 30% 30% 30%

Surcharge:

1. If the total income between Rs 50 Lakhs and Rs 1 crore, a surcharge of 10% will be levied.

2. 15% surcharge on income tax if the total income is over and above Rs 1 cr.

Download Income Tax Calculator in Excel Format

(Benny Thadathil-  bennythadathil@gmail.com)

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16 responses to “Download Income Tax calculator for the FY 2018-19”

  1. Ashok Kumar says:

    Dear Sir
    I am 74 years old.
    During F Y 2017-18
    Interest from Saving A/c from Bank is 12,000/-
    Interest from Fixed A/c from Bank is 25,000/-

    Query is
    How much deduction is allowed under Section 80TTA or 80TTB for F Y 2017-18 ?

  2. Markanday Sharma says:

    Total income 710000 for the year2018-19 . What will be Income tax amount on Fe3b.2019

  3. K.P.Hiriyanna says:

    whether I am eligible for claiming tax concession for medical expenses incurred in excess of reimbursement?

  4. K.P.Hiriyanna says:

    My D O B 14/05/1949
    I am contributing health insurance premium about 36000/- and getting demiciliary treatment charges reimbursement upto Rs.40,000/- against the monthly medical bill of about Rs.6,000/- (75,000/P A).
    Whether eligible for tax concession for Rs.35,000/- incurred in excess of reimbursement.

  5. Pankaj says:

    Hi Sir,

    Thanks to help throw Tax Calculator

    But One more things not getting i.e. row no.44
    (If you are using company-provided/Leased car for official and personal use or availing Vehicle maintenance or petrol reimbursements please update (Y (Yes) or N (no)) in Row 44)
    Where will we confirm yes OR no in the sheet ?
    Kindly suggest,Thanks

  6. tanveershekhawat says:

    In addition, the amount of deductible amount in row 77 to 80 (Note section) of Form 16 has been mentioned as One Lakh rupees.

  7. tanveershekhawat says:

    The Calculator is very mush helpful.. Thank you for sharing the same. However, in Form 16 row no.76 i.e. Total of Section 80C has been incorrectly labelled as ‘Housing Loan Principal Repayment / Stamp Duty Paid’.
    Thanks again!!

  8. J SRINIVAS RAO says:

    Can you send the same for FY 2017-18.
    I am having Salary+Rental Income & also need to show Long Capital gain for Property sale.
    Rgds…JS Rao.

  9. Kantharaj says:

    WHo is the senior most citizen I was born in 19th April 1939- am I eligible as senior most citizen?

  10. Kantharaj says:

    I pay corporate property tax, am i exempted from the tax?

  11. Kantharaj says:

    Are we exempted from corporation House /property Tax

  12. ANAND NIPPANI says:

    Lucid information provided is helpful to Tax Practitioner in particular and Tax Payers at large.

  13. popat thange says:

    thanks.

  14. Bipin says:

    Beeny,

    Thanks, this is really helpful. I have doubt about 80D where parents are covered and are senior citizen. The benefit provided by calculator is Rs. 50000/-, however this shall be RS. 75000/-

    Please let me know your view.

  15. Ben says:

    Employees have to submit their previous employment income details to the new employer, and the employer in turn to compute the taxes based on the consolidated income, hence std deduction can be given at flat rate. no need to prorate the same.

  16. Satish says:

    How to calculated the Standard deduction if an employee has worked in more than one company during the year, whether Standard deduction will be given on prorate basis( ie on the basis of number of months employed in the company) or flat 40k deduction. please clarify my doubt.

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