India Tax Calculator FY 2019-2 2.2.2

Income Tax Calculator for India Current FY 2019-2020/AY 2020-2021:

Assess your Income Tax for the Financial Year 2019-2020 (Assessment Year: 2020-2021) with the assistance of this application. The platform provides features such as Advance Tax Calc, Quick Tax Calc, and HRA Exemption Calc.

The application adheres to the following tax rules for the Financial Year 2019-2020:

• Case A: For Men (less than 60 years)
  • Upto Rs. 2,50,000: Nil
  • Rs. 2,50,001 to Rs. 5,00,000: 5 per cent
  • Rs. 5,00,001 to Rs. 10,00,000: 20 per cent
  • Above Rs. 10,00,000: 30 per cent
• Case B: For Women (less than 60 years)
  • Upto Rs. 2,50,000: Nil
  • Rs. 2,50,001 to Rs. 5,00,000: 5 per cent
  • Rs. 5,00,001 to Rs. 10,00,000: 20 per cent
  • Above Rs. 10,00,000: 30 per cent
• Case C: For resident individual of 60 years or above (Senior Citizens)
  • Upto Rs. 3,00,000: Nil
  • Rs. 3,00,001 to Rs. 5,00,000: 5 per cent
  • Rs. 5,00,001 to Rs. 10,00,000: 20 per cent
  • Above Rs. 10,00,000: 30 per cent
• Case D: For resident individual of 80 years or above (Very Senior Citizens)
  • Upto Rs. 5,00,000: Nil
  • Rs. 5,00,001 to Rs. 10,00,000: 20 per cent
  • Above Rs.10,00,000:30 percent.

  HRA Tax Exemption Calculation: Minimum of (40 or 50% of Basic, Annual HRA Claimed, Annual Rent Paid – 10% of Basic) Maximum allowed limits for tax exemption: Section80C limited to1.5 Lacs. Section80D limited to75K. Section80E limited to40k. Section24 limited to2 Lacs. Section80TTA limited to10k (for Age <60). Section80TTB limited to50k (for Age >=60). Section87A Rebate up toRs12 ,500 .

  Limitations of the App:

  1. As all values are integers in the app's calculations and are rounded off to the nearest integer.
  2. The maximum value that can be entered is (2^31 -1).

  Suggestions:

  If any rules are not adhered to or for feedback and suggestions on the application functionality you can address an email to [email protected].