Income Tax Calculator for the Financial Year 2019-20 for Salaried Individuals  in India in Excel.

Tax Planning in the beginning of the Financial Year is always better instead of doing that at the end of the year in hurry. This will help the Individual to plan their Investments in advance and submit necessary documents to their Employer in time.

I am a CA Inter Completed, Experience in Private Sector as a Head of Finance.

I have considered the Interim Budget 2019 Proposals in this Excel Tool for Tax Calculation.

Features :

1. Mainly useful for the salaried Employees having income includes:

a . Income from Salary

b.  Income from House Property (Self Occupied and Rented out)

c.  Income from Capital Gain on (eligible) Sale of Shares and Equity oriented Mutual Funds where STT is paid.

d.  Income from Interest (Other Sources). (Bifurcation w.r.t. Interest from Savings Bank Account, FD Interest etc.)

2. Separate sheet for each Source of Income

3. Calculate Taxable Income, Tax, Surcharge and Cess.

4. Salary Particulars can be given on monthly basis. Flexible Allowance and user defined heads of allowance are incorporated.

5. Calculation of Accrued Interest on NSC in neat tabular form.

6. Provision for Automatic calculation of deduction u/s 80 GG towards Rent Payment when HRA is not received.

7. Age is calculated (as per IT Act) automatically based on DOB.

8. Tax Provisions are considered where ever required w.r.t. Senior Citizen, Very Senior Citizen, Physically Handicapped, etc.

9. Section wise Tax Rules for Reference Purpose are provided;

a. Income Tax Slab

b. Tab Rebate

c. Exempted Income u/s 10 & Standard deduction u/s 16

d. Deductions under Chapter VI A (Sec 80 C, 80 CCC, 80 CCD, 80 D, 80 U, 80 TTA , TTB etc.)

10. This File may be useful to the Employers having limited no. of employees to Calculate Monthly TDS for each Employee, Gross Salary / Amount Paid to be shown in Quarterly  24Q eTDS Purpose etc.

11. The Tables are structured in such a way that it will be easier to fill information in the Income Tax Return.

12. Print Preview by clicking a Button for commonly required statements.

13. Number Format, changed to Indian Number format,  instead of  Thousands, except for Negative Numbers.

14. Data Import facility is provided to import from the previous release of this Tax Calculator ie. from v 19.01 and 19.02. So you don’t need to re enter all the data when the new version is released for Particular Financial Year Module.

15. Included Notes and FAQ for better understanding. Like Gift to Minor Child and Spouse, Topics on Capital Gain, etc

You may contact me for any clarification in this Excel Tax Calculator.

Also Read- Bulk Data Income Tax Calculator for Multiple Employees for Financial Year 2019-20 / Assessment Year 2020-21 and Bulk TDS Calculation (Salary) in Excel

(We have updated calculator on 22.07.2019 )

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96 Comments

  1. Rahul Mitra says:

    Please mail me the Income tax calculation excel sheet for FY 2019-20 based on the post budget slab. Expecting the excel to have all the formulaes to calculate TDS for salaried person.

      1. rajeevkumar says:

        Hello Mr. G Rajan

        It would be great help if you can send me the excel sheet for FY 19-20.

        Look forward to receive the sheet from you soon.

        Regards
        Rajeev

  2. KRISHNAMOORTHY says:

    Is additional deduction of rs50000 allowed for an individual who are s not employed but having other sources of income like rent int on FD etc
    2 pl send your excel sheet

    1. grajan_k@yahoo.com says:

      Standard deduction is available only for Income from Salary.
      If you are getting pension from your Ex Employer (Govt employees) then this is allowed.
      No for any other sources of Income.
      Your email id is not appearing here. email to send the excel tax calculator.

  3. VIPAN KUMAR VERMA says:

    kindly send me to excel sheet for filling itr-1 also TDS was deducted on lic single premium policy TDS deducted 1% purchased for rs one lac on May 2011 &
    repurchased on Oct 2018 with TDS rs 1935 total credited in 26AS Rs.193507/- for the income from lic 2018 & TDS Rs.1935/- net credited to my a/c.which income is exempted i.e. premium paid at the time of purchase price rs one lac & which ITR I shall file

    1. grajan_k@yahoo.com says:

      I am not clear in reading your comment.
      1. Income Amount ? and Date of Receipt ? = Is it Rs. 193507.00
      2. Source of Income ? = Rs. 193507 is Commission from Insurance Company ie LIC ?
      3. or Rs. 193507 receipt is the Maturity amount received from Insurance Company ? Is it a LIC Wealthplus policy / ULIP ?
      4. TDS Amount as per 26AS ? = Rs. 1935.00 ?
      5. New Policy (2018) Name ?, Premium Amount ? , Policy Amount ?

      However,
      – If 2 is Yes – You need to file ITR3 showing this under Income from Business. Since the Commission amount is more than Rs. 60000 , no adhoc deduction is available.
      Presumptive taxation for businesses is covered under section 44AD is not applicable to Commission / LIC Agents. So You can’t choose ITR4
      Please read this.
      https://www.incometaxindia.gov.in/Communications/Circular/910110000000000549.htm

      – If 3 is Yes –
      These policy proceeds will be taxable in the hands of the insured in the following situations:
      o As per section 10(10D) in case of a life insurance policy issued after 1.4.2003 but on or before 31.3.2012 if the premium payable in any year exceeds 20% of the actual sum assured, then the policy proceeds would be taxable in the hands of the insured. As per section 10(10D) read with explanation to Section 80C(3A), actual sum assured simply means the sum assured which is least in all the policy years and does not include any bonus amount which is to be received over and above the assured amount. This ‘actual sum assured’ shall also not include any premiums which are to be returned to the policyholder.
      a) Any money received from a life insurance policy, where the premium is more than 10% of the sum assured is fully taxable under the head ‘income from other sources’
      b) For Another Opinion : To treat as Long Term Capital Gain.Please refer
      https://taxguru.in/income-tax/taxation-maturity-proceeds-lic-wealthplus-policy.html
      However Please take opinion from a CA.

      4. About TDS Amount:
      As per Section 194DA, was inserted in the act on 1st October 2014 and is applicable on policy payments that are not exempted under the Sec 10 [10(D)]. As per the new section Insurance companies will deduct TDS while making the payments on such claims if the amount received is more than one lakh rupees.

      1% TDS – If PAN is valid and available
      20% TDS – If PAN is NOT valid and available
      No TDS – If the Life Insurance Policy qualifies u/s 10 [10(D)]
      https://www.incometaxindia.gov.in/Pages/faqs.aspx?k=FAQs%20on%20Salary%20Income

      – Point 4 = You can deduct this TDS amount from your Tax payable amount.

      – Point 5 = If Single Premium Policy ? =
      As per the rule us u/s 80C, for a life insurance policy issued on or after April 1, 2012, if the premium paid exceeds 10 per cent of the sum assured, then the deduction (from the gross total income) will be available to the extent of 10 per cent of the sum assured and the premium paid in excess of this amount cannot be claimed as deduction u/s 80 C.

  4. rajkumar gupta says:

    CAPITAL GAIN :: If equity share allotted by company against issue in 2000-01 and. No STT payable on company issued & allotment. And share sold through reco exchange in 2019-20 and paid STT. Can we avail Rs. 1 lac exemption of LTCG. We calculate purchase rate on 31.1.2018 and sold rate actual on sale date

    1. grajan_k@yahoo.com says:

      Purchase and sale should be through Recognised Stock Exchange.
      Please read the notification in the link provided.
      Your query :
      1-Since it is an IPO Purchase – STT Payment is exempted
      https://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/608/PressRelease-Sec10-38-3-04-2017.pdf

      2- Purchase during 2000 ie before 01.10.2004 :
      Please read Page 2, Column 1, Para 2 = Extract of CBDT Notification given by pwc, which is very clear.
      https://www.pwc.in/assets/pdfs/news-alert/2018/pwc_news_alert_12_october_2018_cbdt_issues_notifications_under_section_112a.pdf
      and CBDT Notification No. 60 dt . 01.10.2018 which is very clear.
      and notification is available
      https://www.incometaxindia.gov.in/communications/notification/notification60_2018.pdf
      3- LTCG exemption is available upto Rs. 1 lakhs. (However take experts opinion in this regard by showing them necessary documents)
      4. Please show the exempted profit (Profit from 2001 to Jan 2018 and this Upto Rs. 1 lakhs) in ITR in Exempted Income for Reporting Purpose
      You can save the CBDT Notifications for future reference.
      Regards,
      Govind

    1. grajan_k@yahoo.com says:

      Now the latest version v 19.02 is already uploded in this article.
      You can download the same from this website itself.
      Your email id is not appearing in your comment.

  5. grajan_k@yahoo.com says:

    Now the latest version v 19.02 is already uploded in this article.
    You can download the same from this website itself.

  6. grajan_k@yahoo.com says:

    New version of this Tax Calculator is available now.
    Any one wants please mail me. I will send that Excel file to you.
    Revision Changes:

    No change in Tax Calculation. (Except for addition made for Transport allowance for Blind)
    No change in Input Data Ranges.
    Change in Font.
    Number Format changed to Indian Number format, Instead of Thousands, except in Negative Numbers..
    Minor changes in Sheet “Summary of IncomeFromSalary” . Added Two Rows
    Few Notes Added in “Instruction” Sheet

    Regards,
    Govind

  7. lourdes369 says:

    Could you please realign the columns H & I in “Summary of incomefromsalary” sheet & Column H in “Tax ” sheet? The width needs to be increased.

    1. grajan_k@yahoo.com says:

      Thanks for your comment.
      In Tax Sheet Col H – The width Can accommodate values more than Crore.
      In Summary Sheet – The width can accommodate 99 lacs . Even that cell is for checking purpose only. It can be ignored. You can check the Diff amnt if any in Cell H63.

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