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Calculate your Income Tax for this Financial Year 2019-20

# Little Savings

A few important changes to be noted in this budget are,

"A rebate of INR 12,500 for all the taxpayers who fall under 5L slab. No tax to be paid for below 5L taxable income"

"Standard Deduction has changed from 40,000 to 50,000 this time"

As per the latest changes, I have updated the Income Tax Calculator. Click here to download the link.
Please have your pay-slip to calculate your Income Tax for this Financial Year.

Follow these guidelines:
1. Enter your Total Earnings(without deductions). Exclude the bonus amount.
2. Enter the bonus amount.
3. Enter your basic salary(per month).
4. Then the rent amount will going to pay per month.
5. Enter your HRA from pay-slip.
6. Enter the EPF value per annum(Usually 1800 per month, equivalent to 21600 per annum)
7. Enter other investments covering under section 80C(PPF, SSY, Home Loan etc.,)
8. Enter medical insurance premium, if any.
9. Enter your Prof Tax, Sodexo, Other deductions from Pay-Slip.

On the Left side bottom, your total taxable income will be shown.
At the center, the total tax to be paid will be shown based on the slab.

Note: Please ignore the tax, if the total taxable income is below 5L.

Hoping this will help to find your investments plan for the present financial year.
 

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