Income Tax Calculator: Tax exemption limit changed! Calculate your liability for assessment year 2019-20 online here
Income Tax Calculator AY 2019-20 Online: The government is expected to change the Income Tax slab for Assessment Year 2019-20 in a bid to provide relief to salaried taxpayers. Experts expect the government to raise the income tax exemption limit to Rs 5 lakh from the current Rs 2.5 lakh. The IT deduction limit under Section 80C is also expected to be raised to Rs 2 lakh from the current Rs 1.5 lakh.
Any change in the tax slab would require a fresh tax calculator. We are here to help you out.
Once the budget announcements are made, you can make the Income Tax calculation for the Assessment Year 2019-20 here.
Check Income Tax Calculator AY 2019-20
This simple tax calculator will provide the latest income tax slabs based on your income and takes into account your various incomes and deductions that are available to you in the Income TAax Act. At present, Income Tax has to be filed by every individual who earns more than Rs 2.5 lakh in an assessment year.
You will need your Form 16 from your company in order to file your Income Tax Returns. One can file Income Tax online.