Highlights of Changes in FY 2019-20 in Income Tax
Standard deduction enhanced for salaried persons from Rs. 40,000 to Rs 50,000 in FY 2019-20.
- Income tax slabs remain unchanged as per the previous year.
- Tax rebate (u/s 87A) enhanced by Rs 12500 from Rs 2500, taxable income after all deductions/exemptions up to Rs 5 lakhs is Tax-free.
- TDS deduction on fixed deposits threshold increased from existing Rs 10,000 to Rs 40,000.
- Additional section 80EEA on home loans on purchase of an affordable home is introduced from FY 2019-20 for Rs 1.5 Lakhs.
- Additional section 80EEB on Auto loans on purchase of Electric vehicles are introduced from FY 2019-20 for Rs 1.5 Lakhs.
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 Bihar State Employees 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