New financial year 2019-20 Tax and TDS calculation has begun and we have to calculate the Tax liability,Tax savings & TDS liability according to new scenario.
Auto tax calculator version 14.0 for FY 2019-20 is available to help you up to 31 July 2019 for calculation according to provision of Interim Budget 2019. Complete budget is expecting in June/July 2019. After formation of the new government, more changes are likely to come in effect after complete budget. New Auto Tax calculator will be modify accordingly.
Tax rates are not changed and remain same till final budget.
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