The income tax calculator uses the latest income tax slabs based on income and takes into account income and deductions that are available to you in the income tax act. It will provide you with an accurate insight into your income tax liability.
HIGHLIGHTS of Budget-2019
·
The
government has increased income tax rebate to Rs 5 lakh per annum
·
Three
major components are gross taxable income, HRA exemption, and transport
allowance
·
General
taxpayers earning above Rs 10,00,000 have to pay an income tax of 30 percent
The government has increased income tax
rebate to Rs 5 lakh per annum for individuals below 60 years.
The standard deduction for salaried
persons has also been raised from Rs 40,000 to Rs 50,000. TDS threshold on
interest on bank and post office deposits has also been raised from 10,000 to
40,000 rupees.
Meanwhile, those with gross income up to
Rs 6.5 lakh will not need to pay any tax if they make investments in provident
funds or prescribed equities.
The HRA is decided to depend on your
basic salary, there are several other factors that affect it including the city
you live in. If you live in a metropolitan or tier-1 city, the HRA equivalent
comes to 50 percent of your salary whereas it is 40 percent of the salary in
all other cities.
The feature of this Excel The utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as
per new Finance Budget 2019
2) The Salary Structure as per the Assam State
Govt employee’s Salary Pattern
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee
5) This Excel Utility calculate your House Rent Exemption
Calculation U/s 10(13A)
6) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20 in
New Format
7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 in
New Format
