Income Tax Calculator 2019-20 – With Save Option and Instant Version
GConnect Income Tax Calculator 2019-20 (Assessment Year 2020-21) for Central Government Employees – Choose Save Option or Instant Version and Estimate Income Tax to be paid on your salary income and plan for Tax Savings at ease.
As we do every year, GConnect Income Tax Calculator with Save Option and Income Tax Calculator that doesnot require Login (Instant version) have been launched.
Both of these tools are meant for income tax calculation for the year 2019-20 (AY 2020-21) taking in to account all the changes made in Income Tax for Salaried Class in the Budget 2019-20.
GConnect Income Tax Calculator 2019-20 (AY 2020-21) – With Save Option
GConnect Income Tax Calculator 2019-20 (AY 2020-21) – Instant Version
Important Changes made in Income Tax for Salaried Employees in the Budget 2019-20.
1. No income tax needs to be paid if Taxable Income is not above Rs. 5 Lakh. Section 87A of Income Tax Act has been suitable amended through the Finance Bill 2019, to provide Income Tax Rebate of up to Rs. 12,500/- in the case of Taxable Income of an assessee does not exceed Rs. 5 Lakh.
2. Standard Deduction allowed for Salaried Employees including Pensioners has been increased from Rs. 40,000 to Rs. 50,000/-.
Note : After Increase in Tax rebate under Section 87 A to Rs. 12,500 and in standed deduction from Rs. 40,000 to Rs. 50000 effective income tax for Salaried Employees who have annual taxable income up to Rs. 7 lakh and saves Rs. 1.5 lakh under Section 80 C (GPF subscription, NPS, Bank deposit etc) will be Nil (Zero)
3. Additional Income Tax exemption in the form of rebate on Interest paid on Housing Loan under Section 80EEA to the tune of Rs. 1.5 lakh over and above the regular Income tax Rebate on Interest paid on Housing Loan up Rs. 2.00 Lakh. This additional interest is applicable only in respect of Housing loan availed during the financial year 2019-20. Checkout following link for more details.
4. Those investing in the National Pension System (NPS) have another reason to cheer. Budget 2019 has finally announced the move to make lump sum withdrawals at the time of maturity tax-exempt. NPS at the time of maturity allows the investor to withdraw 60 percent of the corpus as lump sum and the remaining 40 percent to be used to compulsorily buy annuity plan. As per current laws, 40 percent of the lump sum withdrawal is tax-exempt from the 60 per cent corpus.
5. The threshold on TDS on interest from bank or post office deposits has been increased to ₹40,000, from current limit of ₹10,000. This effectively means interest income on bank/post office deposits up to ₹40,000 will not be subject to TDS.
6.TDS threshold for home rent increased from ₹1.8 lakh to 2.4 lakh.
Income Tax Exemption on Interest Paid on Housing Loan up to Rs. 3.5 Lakh
Salary Income and Deduction related changes in the year 2019-20 for Central Government Employees
1. Increase in NPS subscription by Govt from 10% to 14% in respect of Central Government Employees who are covered by NPS is one of the major changes as far as Financial Year 2019-20 is concerned.
2. Increase in Dearness Allowance from 9% to 12% and 12% to 17% during April 2019 and October 2019 respectively.
New Income Tax Slabs and Rates for Financial Year – 2019-20
Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2019-20 – Part I
| Income Tax Slabs | Tax Rate for Individual & HUF Below the Age Of 60 Years |
|---|---|
| Up to ₹2,50,000* | Nil |
| ₹2,50,001 to ₹5,00,000 | 5% of total income exceeding ₹2,50,000 |
| ₹5,00,001 to ₹10,00,000 | ₹12,500 + 20% of total income exceeding ₹5,00,000 |
| Above ₹10,00,000 | ₹1,12,500 + 30% of total income exceeding ₹10,00,000 |
*Income tax exemption limit for FY 2019-20 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part (II) or (III)
Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2019-20 – Part II
| Income Tax Slabs | Tax Rate for Senior cetizens aged 60 Years But Less than 80 Years |
| Income up to Rs 3,00,000* | No tax |
| Income from Rs 3,00,000 – Rs 5,00,000 | 5% |
| Income from Rs 5,00,000 – 10,00,000 | 20% |
| Income more than Rs 10,00,000 | 30% |
Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2019-20 – Part III
| Income Tax Slabs | Tax Rate for Super Senior Citizens (Aged 80 Years And Above) |
| Income up to Rs 5,00,000* | No tax |
| Income from Rs 5,00,000 – 10,00,000 | 20% |
| Income more than Rs 10,00,000 | 30% |
Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
How to use GConnect Income Tax Calculator 2018-19 (With Save Option and Instant Version)
Registration and Login procedure (only applicable for Calculator with save option)
Registration process for GConnect Income Tax Calculator involves creation of username and password by providing Name and a valid email id. Then login in to GConnect Income Tax Calculator using username and password.
GConnect Income Tax Calculator contains following three parts (four parts for tool with save option)
1. Income, Deductions and Savings Entry Form
2. Income Tax Worksheet
3. Income Tax Statement.
4. Saving Income Tax Entry form and Worksheet for later use (applicable with tool with save option)
1. Entry Form : How to use Income, Deductions and Savings Entry Form ?
This entry form has been divided in to 6 sub parts for the ease of use. Each of these sub parts can be found in Each horizontal Tab on the top of the tool.
Horizontal Tabs in Entry Form:
a. Personal Details
b. Income
c. Deductions
d. Savings
e. Exemption on HBA Interest
f. Calculate Tax
Note:
Tool-tip:
Description of each field in the entry form contains tool tip for detailed Note / explanation about the field in which value has to be entered. To have a look at the same, place the mouse pointer on the description of each field.
What Income Tax Provisions say?
Wherever needed, documents containing the provisions of Income Tax Act and Rules have been linked with the fields concerned so that user can go through the income tax provisions before making entry in the relevant field.
How to calculate Income Tax after making entries in the Entry Form?
Once relevant fields in the entry form is filled up go to Calculate Tax Tab and click “Calculate Income Tax Button”. Once this button is clicked, the Income Tax Worksheet available below entry form, will be filled up by the tool.
2. Income Tax Worksheet : How to use Worksheet in the GConnect Income Tax Tool ?
The worksheet contains month wise and head wise income, deductions, taxable income, and income tax payable.
You can edit the work sheet for any month, then revised income tax would be calculated automatically in the worksheet. This feature will be useful especially if values such as pay, hra etc change in the middle of the year due to transfer or promotion.
You can also edit the entry form again and click “Calculate Income Tax”. In that case, values for all the months will be revised in the worksheet and revised income tax will be calculated.
3. Income Tax Statement : How to generate Income Tax Statement ?
Once you find that values in the worksheet are correct, Click Generate Statement for preparing Income Tax Statement.
Income Tax Statement is a document to be submitted to your employer. It contains tabulated data of your income, deductions, exemptions and income tax payable.
4. Saving Income Tax Entry form and Worksheet for later use (applicable with tool with save option)
This is an additional option available for the users of GConnect Income Tax Calculator who have registered and logged in to the tool with save option. After Income Tax Worksheet is verified and you have ensured that Income, savings, deductions and Income tax calculated in the worksheet are correct, click “Save Work Sheet” button. Now, all the values you have entered in the Entry Form and values calculated in the worksheet are saved in the Tool’s database and will be available in the appropriate fields in the tool when you open this the same next time. This saves considerable time and energy in preparing Income Tax Statement.
Checkout the following links for GConnect Income Tax Tools
GConnect Income Tax Calculator 2019-20 (AY 2020-21) – With Save Option
GConnect Income Tax Calculator 2019-20 (AY 2020-21) – Instant Version