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Wednesday, December 4, 2019

Income tax calculator for financial year 2019-20 and assessment year 2020-21 with complete information

  Team Educationfest       Wednesday, December 4, 2019

Income tax calculator for financial year 2019-20 and assessment year 2020-21


In this article we have try to explain the complete information about Income tax calculator for the financial year 2019-20 and assessment year 2020-21

In the first half we have explained the slabs of individual tax payer for current financial year, it will help you to deduct advance tax in your monthly salary

TAX RATES FOR INDIVIDUALS FOR 

Taxable Income

Tax    Rate

Up to Rs. 2,50,000

Nil

Rs. 2,50,000 to Rs 5,00,000

5%

Rs. 5,00,000 to Rs. 10,00,000

20%

Above Rs. 10,00,000

30%


                          Less: Rebate under Section 87A [see Note]

                               Add: Health and Education Cess [see Note]       



1)Health and Education  Cess
The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.

 2)  Rebate under Section 87A
The rebate is available to a resident individual if his total income does not exceed Rs. 3, 50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.

Now we discussed about income tax calculator for financial year 2019-20 and assessment year 2020-21

This calculator is created by Shri H.P.Kadlimatti Lecturer
DIET, Dharwad, 
State President 
Karunadu Divyang noukarar Sangh, Dharwad
e-mail: hucheshpk@gmail.com


Basic instructions to use this calculator

  1. All users please confirm Microsoft office 2007  software was in your computer.
  2. Fill your exact details and information in details sheet, you will final get the Form no-16 and Form no-16A automatically.
  3. If you will eligible for time bounds like 10 years,15 years, 20 years etc You must enter in Column 13, then enter the date of commencement in column 14.
  4. If you are transfer from other HRA region, This calculator helps you enter month wise HRA details like A, B, C regions.

How to use Income tax Calculator for FY 2018-19 and AY 2019-20
In this article we explain How to use income tax calculator  for individual mainly focus on government employees and aided institutions employees. This calculator  also helpful for others which have earned from other income sources. It calculate mainly focuses on relaxations of Physically Challenged government employees.

This income tax calculator has built in MS excel but all columns and rows fixed You didn't alter the size. It calculator itself calculate all the calculations which are mentioned in Income tax rules of government of India.  

Simply you have download from link which was given in end of this article.

Alert Message: This income tax calculator made for personal use only. Strictly prohibited for commercial use and also restriction for using in blogs, websites etc. We preserve all the rights of this income tax calculator. If we found usage of  links, external links in other ways we have right to complain.


How to download income tax calculator software :


We provide download link at end of this article also password to open software. Click on " CLICK TO DOWNLOAD CALCULATOR" button we will capable to download in drive. Then click on  Income Tax calculator for Kar. State Employees 2018-19 AY 2019-20 after download enter password which was given at end.



Click for Download Income tax Calculator file for 2019-20





Page 1 - Instructions

Read carefully all the instructions which written in this sheet which gives you how to use this income tax calculator and follow the same for future use.



Page 2 - Details of employee

Details of employee and his personal, pay related basic pay, pay scale, regular and special increments, small family norms, physically challenged person details, small family norms, new pension scheme, EL surrender details.

You must remember select HRA area which you have serve, select monthly if you have transfer from one place to other place.


Also you have enter details of deductions of LIC, GPF, KGID, and income tax details if you have deducted in previous months

Page no - 3 Form 16

  Details of salary and deductions for the Financial Year 2019-20  assessment year 2020-21

after entering all the details of personal and pay related details in page 2 you go through page 3 which was Form 16 which you will submitting to concern DDOs. In this page almost all the boxes are hide. some are open to enter your details if necessary or you will eligible for that one examples are under 80 c section you will enter other insurances, postal life insurances, home loan interest and tuition fees of children and medical expenses which are exemptions in income tax rules..





Finally you will get all months complete salary with other allowances with basic details on left hand side and in the right hand side you will know to your deductions.

Please verify all the details you have enterd once again, Its finally ready to print your Form No-16 which will submit to drawing officers.



Page no - 4 Form 16 A

At finally you will get Form 16 A which was enter in Income tax return online e filling which was in June month. take a print of this to future uses.


CLICK TO DOWNLOAD IT CALCULATOR 2019-20
ASSESSMENT YEAR 2020-21

Alert Message: This income tax calculator made for personal use only. Strictly prohibited for commercial use and also restriction for using in blogs, websites etc. We preserve all the rights of this income tax calculator. If we found usage of  links, external links in other ways we have right to complain.


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