Financial year 2019-20 has over and Tax calculation for filing of ITR has begun.
Auto tax calculator version 14.1 for FY 2019-20 is available to help you calculation according to provision of Finance bill 2019.
Tax rates are not changed and remain same as last FY.
There are only 2 major changes which will impact the tax liability of a person.
1. Standard deduction to all salaried people ( including Pensioners) has risen to Rs. 50,000/- from Rs 40,000/-
2. A rebate u/s 87A up to 12500/-has risen to tax payers, who have their total taxable Income (after Exemption and all Deduction) up to Rs. 5,00,000/-.
If total Income Increases even by Rs 10/- One will not get the rebate and will be taxed on total Income.
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Download New Auto Tax Calculator for FY 2019-20