Income Tax Calculator AY2019-20: Here is how to calculate your tax liability on Budget 2019 proposals

Income Tax Calculator AY2019-20: with an aim to provide some tax relief to the earning individuals who are salaried taxpayers, the Narendra Modi Government left the income tax slab for AY2019-20 unchanged, when the Finance Minister Nirmala Sitharaman presented her first union budget on July 5th this year. However, earning individuals who have an earning up to Rs 5 lakh must remember that they are tax exempted. To avail this tax exemption, an earning individual who has earning below Rs 5 lakh but more than Rs 2.5 lakh per annum must file his or her Income Tax Return (ITR).

Tax and investment experts were bullish that Nirmala Sitharaman would give relief to the salaried taxpayers by raising the zero income tax limit from Rs 2.5 lakh to Rs 5 lakh. They were also bullish about the standard deduction limit of Rs 1.5 lakh under Section 80C of the Income Tax Act 1961 will be raised from Rs 1.5 lakh to Rs 2.0 lakh. But, both the demands of the Indian taxpayers failed to make a cut into the list of relieves being announced by the Indian Finance Minister in her budget 2019 proposals.

See Zee Business Live TV streaming below:

So, if an earning individual is looking forward to calculating his or her tax liability for the AY2019-20, they can use an Income Tax Calculator. What they need is to click here and find their income tax outgo for the Income Tax AY2019-20.

How to check tax liability using the income tax calculator

This income tax calculator is simple to use. It provides the latest income tax slabs based on an earning individual's income taking into account various deductions and incomes that are being provided by the government in Income Tax Act 1961. As said earlier, an earning individual who earns more than Rs 2.5 lakh per annum will have to file an income tax return to claim tax exemption on income up to Rs 5 lakh.