Budget 2019 has made some adjustments to Income tax
for individual – the highlight being complete tax rebate
for people earning below Rs 5 Lakhs. There has been no adjustments within the earnings tax slab.
1. Rebate below Section 87A modified from Rs 2,500 to Rs 12,500 or 100% of income tax (whichever is lower)
for individuals with profits underneath Rs five Lakhs (from
Rs 3.5 Lakhs)
2. Standard Deduction raised for Salaried & Pensioners
from Rs 40,000 to Rs 50,000
3. Increased Tax for super-rich: Surcharge improved to 25% for income among 2 to five crore & to 37% for income past Rs five crores
4. Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEA on domestic loans on purchase of low priced domestic
five. Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEB on Auto loans on buy of Electric vehicles
6. No Tax on Notional Rental Income from Second House
7. TDS threshold expanded from Rs 10,000 to Rs 40,000 on Bank Interest
3. Increased Tax for super-rich: Surcharge improved to 25% for income among 2 to five crore & to 37% for income past Rs five crores
4. Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEA on domestic loans on purchase of low priced domestic
five. Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEB on Auto loans on buy of Electric vehicles
6. No Tax on Notional Rental Income from Second House
7. TDS threshold expanded from Rs 10,000 to Rs 40,000 on Bank Interest
The feature of this Excel
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 All of Govt and
Non-Govt(Private) 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 Revised Form 16 Part A&B for F.Y.
2019-20 in New Format
7) Automated Income Tax Revised Form 16 Part B for the F.Y.
2019-20 in New Format
8) Automated Income Tax Arrears Relief Calculator U/s 89(1) with
Form 10E from F.Y. 2000-01 to F.Y.2019-20
