Best Income Tax Calculator Online (AY 2019-2020)
Best Income Tax Calculator Online (AY 2019-2020)

Income Tax Calculator AY 2020-2021: Tax is a compulsory contribution by the workers’ income and business profits, to state revenue, levied by the government. This amount collected by the government is then used for various purposes such as the development of the country, to pay the salaries of government employees, etc. LLP tax calculator 2019

However, this tax is not a fixed amount since it varies from one person to another based on several conditions. Also, several changes had been made in the tax asking by the government in the budget of the year 2019. Thus, here we are with a detailed guide which you can use to calculate your tax and pay it as soon as possible to avoid any consequences.

How much Tax does one need to Pay?


As we mentioned above, the tax amount varies from one person you another since your tax depends upon the tax slab applicable to your income.

Some of the tax slabs defined by the government are listed below. income tax calculator for salaried employees ay 2018-19 in excel

Also Read:

Income tax slabs for resident Individual below 60 years of age.


Up to Rs 5 lakh- (New Budget 2019)

No Tax.

Rs 2,50,001 to Rs 5,00,000-

5% of (Total income minus Rs 2,50,000) + 4% cess

Rs 5,00,001 to Rs 10,00,000-

5% of (Total income minus Rs 2,50,000) + 4% cess

Rs 10,00,001 and above-

Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cess

Income tax slabs for resident individual between 60 and 80 years of age (Senior Citizen).


Up to Rs 3 lakh-

No Tax.

Rs 3,00,001 to Rs 5,00,000-

5% of (Total income minus Rs 3,00,000) + 4% cess

Rs 5,00,001 to Rs 10,00,000-

Rs 10,000 + 20% of (Total income minus Rs 5,00,000) + 4% cess

Rs 10,00,001 and above-

Rs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess

Income tax slabs for resident individual above 80 years of age (Super Senior Citizen).


Up to Rs 5 lakh-

No Tax.

Rs 5,00,001 to Rs 10,00,000-

20% of (Total income minus Rs 5,00,000) + 4% cess

Rs 10,00,001 and above-

Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess

Your tax depends on your income and thus, you can get a rough idea of how much tax you need to pay from above. income tax calculator ay 2019-2020

How to manually calculate your tax?


Income Tax Calculator 2019-2020
Income Tax Calculator 2019-2020

Income tax calculation for the salaried people is as follows-

Income from salary is the sum of Basic salary, HRA, Special Allowance, Transport Allowance, any other allowance. Some components of your salary are exempted from tax. These components include telephone bills reimbursement, leave travel allowance, etc. Also, if you receive HRA and live on rent, you can claim exemption on HRA also. You can calculate the exempt portion of HRA by using an HRA Calculator.

Apart from these exemptions, a standard deduction of Rs 40,000 has been increased to Rs 50,000 in budget 2019.

How to calculate your tax using a Tax Calculator Online?


The income tax department of India has its own tax calculator. You can go to ‘https://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator.aspx‘ this link from any web browser.

Here, first, you need to enter some basic information such as the assessment year, type of taxpayer, the gender of the taxpayer, residential status. You can choose the answers from the drop-down boxes which appear as soon as you click on a particular field.

Then, you need to enter your income from salary, income from house property (Interest on Housing Loan, Annual Lettable Value/Rent Received or Receivable, etc). Then, enter your capital gains (short term capital gains, long term capital gains, etc).

In the next field, you can enter your profits from your Business or Profession. If you have an agricultural income, mention it in the following field.

Once you have entered all your sources of income, you can also enter any deductions which are applicable to you. For example, Life Insurance premium paid, Contribution toward provident fund/PPF, 5 Years fixed deposit with PO or Schedule Bank etc. All these deductions will be made while calculating your tax amount.

Based on all your income sources, your net taxable income, Income Tax, Total Tax Liability, will be automatically calculated and displayed in its specific field just below the above-mentioned fields.

You will also notice that the due date of submission of return is also mentioned below these fields. To reset all the field to null, you can use the ‘Reset’ option located at the bottom of this page.

Conclusion: Tax Calculator AY 2020-2021


This is how you can calculate your tax using tax calculator in 2019-2020. These methods are used to get a rough idea of how much tax he/she has to pay. You need to contact a chartered accountant to file a return and to know the exact amount to be paid as tax.

If you have any queries or suggestions, then please let us know about them in the comments section below.

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2 COMMENTS

  1. Some people find it hard to computer their income tax so using income tax calculator is a very good choice. This is very helpful to compute our tax. Off my hat to the creator of this calculator. You really help us a lot and saves us headaches from computing manually.

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