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.
· 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