Income Tax Calculator – FY 2019-20| AY 2020 -21

(Last Updated On: July 28, 2019)

Income Tax Calculator – Online tax calculator for the financial year 2019 – 2020 and assessment year 2020 -21. This calculator will help you to assess your post budget tax liabilities for the current year (2019-20) in simple steps. If you want to calculate the tax liabilities for any previous years, use the links provided below.

Income Tax Slabs for Financial Year 2019-20 (AY 2020-21)

For your information, I am providing the latest income tax slabs for the current financial year in the table provided below.

Income Tax Slabs And Rates (FY – 2018-19) (AY 2019-20) www.insurancefunda.in
IncomeUp to 59 years of age60 to 79 years of ageAge 80 and above
0 – 2.5 lakhsNilNilNil
2.5 – 3 lakhs5% of income above 2.5 lakhsNilNil
3 – 5 lakhs2500 + 5% of income above 3 lakhs5% of Income above 3 lakhsNil
5 – 10 lakhs12500 + 20% of income above 5 lakhs10000 + 20% of income above 5 lakhs20% of income above 5 lakhs
Above 10 lakh112500 + 30% of income above 10 lakhs110000 + 30% of income above 10 lakhs100000 + 30% of income above 10 lakhs
If income is above 50 lakhs 10 % of tax as surcharge
If income is above 1 crore 15 % of tax as surcharge
Educational Cess at the rate of 4% has to be paid on tax + surcharge

Download the Income Tax Slabs Table given above for your future reference.

Applicable Tax Rules After 2019 Budget – Highlights.

  • No changes in the income tax slabs or tax rates. (compared to last year)
  • No Income Tax for gross taxable income up to 5,00,000.
  • A tax rebate of Rs 12500 u/s 87A will be applicable to all taxpayers whose taxable income is less than or equal to 5,00,000.
  • The standard deduction for Salaried Employees has been hiked from Rs. 40,000 to 50,000.
  • Section 80C rebates will remain at Rs. 1,50,000.
  • The interest portion of the home loan up to 2,00,000 will remain to get tax reliefs.
  • TDS threshold on interest earned on bank/post office deposits will be raised from 10,000 to 40,000.
  • TDS threshold for deduction of tax on rent will be increased from 1,80,000 to 2,40,000
  • Rebates u/s 80D and rebates for handicapped dependants will remain.

Read More : 7 ways to become a non tax payer – post budget scenario

Section 87A – Changes proposed in 2019 Budget.

Section 87A rebate for the financial year 2018-19 was applicable for all taxpayers whose taxable income was less than or equal to Rs 3,50,000 and the tax rebate available was just Rs 2,500.

As per the proposed change, Section 87A rebate will become applicable to all whose taxable income is less than or equal to Rs. 5,00,000 and the applicable rebate is Rs.12,500. Further to add, Non-resident Indians (NRI) are not allowed to avail the rebate of section 87A.

How to use the Income-tax calculator

Income tax calculator
  • Step 1: Enter age and income on the first screen. Age is important in the calculation as the income tax slabs and rates are different for senior citizens and super senior citizens. Click the ‘Next’ button to continue.
  • Step 2: Enter chapter VI A deductions in the screen. You can enter the actual values in the fields. The calculator will take care of the maximum allowed amounts automatically. Once all the details have been entered click ‘Next’ button to go to the next screen.
  • Step 3: Here you can enter the health insurance and other related deductions. Check the checkbox for salaried employees if applicable. Proceed to the next screen.
  • Step 4: On proceeding to the next screen calculations and tax payable will be available in a table format.
  • Step 5: If you require a print out of this calculation use the ‘Print Calculation’ button.

Example of income tax calculation

Rohit with age 35 (salaried employee) is having a taxable income of Rs 1200000. He has got 80C deductions of Rs 1,60,000 and he pays Rs 50000 to National Pension Scheme (NPS). He is paying a medical insurance premium of Rs. 20,000 and his housing loan principle is 62,000 and its interest portion is 53,000. Let us calculate his tax liabilty using the calculator.

Income tax calculator example of calculation

Final tax for Rohit will be Rs 91,000. You can use this calculator to supply your own details to find out your tax liability.

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Read more: Life Insurance maturity amount taxability (TDS)

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