Calculate Income Tax for Senior Citizen with Salary, Pension & Interest Income (FY 2019-20)

I often get request to calculate income tax for readers and how they can save more tax! It’s not possible for me to calculate it for everyone. So going forward I would pick cases and show how to calculate income tax and if there is scope to save additional tax. Below is the comment I received: Dear Amit, Pl calculate my income tax. I would retire on 31 Jul 2019.  My income from Apr 19 to Jul 19 is Rs. 2,50,000.  Thereafter I would get pension @ Rs. 18,700 per…

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Income Tax Slabs for FY 2019-20 (AY 2020-21) 🤑💰💲💰🤑 Changed in July 2019 Budget

Your income from salary, business or other income like income from fixed/recurring deposits etc are taxed as per income tax slabs. Full Budget 2019 presented on July5, 2019 has made NO changes in the tax slab. The announcement that individuals with income up to Rs 5 Lakh would get full rebate is through Section 87A.  There is also increase in the surcharge for person with net taxable income of more than Rs 2 crores. Rebate under Section 87A changed from Rs 2,500 to Rs 12,500 or 100% of income tax (whichever…

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Download One by One Preparation Automated Income Tax Form 16 Part A&B and Part B For Financial Year 2019-20 ( Modified Format of Form 16 Part B [ As per the CBDT Notification No.36/2019 Dated 12/04/2019

The CBDT has changed the format of Income Tax Form 16 Part B for the Financial Year 2018-19 since the 12 May  2019. Download And Prepare One by One Income Tax Form 16 Part A&B and Part B for f.Y. 2019-20) [This Excel Utility Prepare One by One Form 16 Part A&B and Part B  in New Format for A.Y. 2020-21]  The main feature of this Excel Utility:- Prepare One by One  Excel Based  Form 16 Part A&B and Part B ( Modified Format of Form 16 Part B Vide…

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Claim Income Tax Rebate u/s 87A for FY 2024 – 25 (AY 2025 – 26) With Excel Based Automatic Income Tax Calculator All in One for the Non-Govt Employees for the F.Y.2024-25 as per Budget 2024

New Slab

Claim Income Tax Rebate u/s 87A for FY 2024 – 25 (AY 2025 – 26) With Excel Based Automatic Income Tax Calculator All in One for the Non-Govt Employees for the F.Y.2024-25 as per Budget 2024 Introduction Navigating the world of income tax rebates can be tricky, but it’s essential for maximizing your tax savings. One significant provision in the Indian tax system is Section 87A, which offers a rebate for taxpayers under certain conditions. This article aims to demystify the rebate under Section 87A, especially for non-government employees, and…

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New Income Tax Slab and Tax Rebate/Credit under section 87A With Automated Income Tax Revised Form 16 Part A&B and Part B for F.Y. 2019-20

Income Tax Slab for AY 2020-21 i.e. FY 2019-20 Tax-Rebate under Section 87A for AY 2020-21 i.e. FY 2019-20 Tax-Rebate under section 87A is misogynist for the income up to Rs. 5 lakhs (Rs.  3.50 lakhs earlier). Following conditions shall be met for ultimatum the tax rebate under section 87A. 1.      The assessee must be an Indian Resident. 2.      The total income without deduction under section 80 shall not exceed Rs.  5 lakhs. 3.      The total tax-rebate is restricted to Rs. 12,500. That means, if the total income tax liability…

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Save More Tax – Use these less known Income Tax Deductions As per the Finance Budget 2019, With Automated Master of Form 16 Part B in Revised Format for the F.Y. 2019-20

One of the most popular section when it comes to income tax saving is 80C. People are enlightened of 80C and use this section fully when it comes to Income tax deductions. But many times taxpayer forgot other misogynist income tax deductions which can reduce their tax burden. In this post, we will take a squint at less known income tax deductions which can be used to save increasingly tax. Section 80GG Deduction on Rent Paid Under section 80GG, an individual can requirement a deduction for the rent paid. This…

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Download Automated All in One TDS on Salary Non-Govt Employees for the F.Y. 2019-20 with Automated H.R.A. Exemption Calculator U/s 10(13A) + Automated Revised Form 16 Part B and Form 16 Part A&B + Automated Value of Perquisite Calculator with Form 12 BA.

As per the Finance Budget 2019, some Important Income Tax Section and Income Tax Rebate have changed. The Major modification including the Income Tax Slab Rate for the F.Y. 2019-20 is given below. 1) Income Tax Slab for the Financial Year 2019-20 is Same as Previous F.Y.2018-19 2) Raised the Income Tax Rebate U/s 87A up to Rs. 12,500/- who’s Taxable Income less than 5 Lakh. 3) Raised the Income Tax Standard Deduction U/s16(ia) from Rs. 40,000/- to  50,000/- 4) Raised the Tax Exemption from the Bank/Post Office Savings Interest…

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Additional Home Loan Tax Deduction in Budget 2019 U/s 80EEA With Automated Arrears Relief Calculator U/s 89(1) with Form 10E from F.Y. 2000-01 to F.Y. 2019-20

Section 80EEA Budget 2019 proposes the insertion of section 80EEA to increase the benefit of Tax Deduction on the interest paid towards home loan up to Rs 45 lakhs for affordable housing. The additional tax deduction of Rs 1.50 lakhs is for the home loan taken up to 31st March 2020. The cumulative benefit would be Rs 7 lakhs for 15 years loan. Affordable Housing means a dwelling unit with the carpet area less than or equal to 60 square meters in metropolitan cities or 90 square meters in cities or towns…

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Download Automated All in One TDS on Salary Govt & Non-Govt Employees for the F.Y. 2019-20 with Automated Arrears Relief Calculator U/s 89(1) with Form 10E for F.Y. 2019-20

Download All in One TDS on Salary for Govt & Non-Govt Employees for the F.Y. 2019-20 With H.R.A. Exemption Calculation U/s 10(13A) + Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for F.Y.2019-20 + Automated Revised Income Tax Form 16 Part A&Band Form 16 Part B for F.Y. 2019-20  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 Govt and All of the Non-Govt(Private) employee’s Salary…

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What are the benefits of Income Tax Section 80D for Medical Insurance Policy With Automated Income Tax Master of Form 16 Part B (which can prepare at a time 100 employees Form 16 Part B) for the F.Y. 2019-20 in a new format.

Section 80D of Income Tax allows you to claim income tax benefits. Let’s try to check out detail about Section 80D and Health Insurance. Health-related problems or medical emergencies can arise anytime. If you are not prepared to withstand a health emergency, you will need to spend money from your pocket. Recently my friend was diagnosed with skin cancer. He was not covered with any health insurance. He spent hefty 2.3 Lakh from his pocket. His entire saving was spent on the treatment. The learning from this example is one…

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