ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • MSME Summit
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • BPCL share price trades ex-dividend today, stock down over 2% – what should investors know
  • UPI's global expansion continues: Indian travellers can now use service in THIS country
  • Warning for iPhone users: Attackers can take control of your device - Apple issues statement
  • Manish Sisodia's residence in Delhi raided by CBI; Arvind Kejriwal reacts
  • Windfall profit tax on export of diesel, jet fuel hiked; slashed on domestic crude oil
Read in App
Business News » Personal Finance News

Income Tax Calculator: Check you income tax liability for AY2019-20

Income Tax Calculator 2019: The Indian constitution has empowered both center and state governments to impose taxes under the purview of their administration.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Income Tax Calculator: Check you income tax liability for AY2019-20
Income Tax Calculator 2019: Since income tax is directly paid by an earning individual, it becomes important to calculate one's income tax liability using the income tax calculator. Photo: Pixabay

Income Tax Calculator 2019: The Indian constitution has empowered both Centre and state governments to impose taxes under the purview of their administration. The respective state governments levy taxes like toll tax, stamp duty, house tax, entertainment tax, etc. the central government levies taxes like income tax, gift tax, wealth tax, service tax, customs duty, excise duty, etc. Since income tax is directly paid by an earning individual, it becomes important to calculate one's income tax liability using the income tax calculator. Some of the calculations given below would help the readers:

The Income-tax slab and its rate as proposed by the Finance Minister Nirmala Sitharaman in her Union Budget 2019 for the AY 2018-19 for Individuals/Hindu Undivided Family (HUF)/Association of Persons(AOP)/Body of individuals(BOI) the rates are like this — up to Rs 2.5 lakh, income tax interest rate is nil, for above Rs 2.5 lakh to Rs 5 lakh income tax interest rate is 5 per cent, for above Rs 5 lakh to Rs 10 lakh income tax interest rate is 20 per cent while for income above Rs 10 lakh income tax interest rate is 30 per cent. Apart from the Income Tax, an earning individual will also have to pay 4 per cent towards ‘Health and Education Cess’. 

See Zee Business Live TV below:

Check Income Tax Calculator here (insert link in 'here'):

Rebate under Section 87A of the Income Tax Act 1961 is available for a resident individual if her or his total income does not exceed Rs 3.5 lakh. The amount of rebate is 100 per cent of income-tax or Rs 2500, whichever is less. This rebate is applied to the total tax before the 4 per cent Education Cess is added. It is available to all individuals but not super senior citizens as they have fully exempted up to Rs 5 lakh.

Now, let's consider an earning individual aged 45 earned Rs 12 lakh in FY 2018-19. If the tax slab mentioned above continues for the Assessment Year 2019-20 also, his or her tax liability will be calculated as follows: For earning up to Rs 2.5 lakh is nill, for earning from Rs.2,50,001 to Rs.5,00,000 @ 5 per cent is Rs 12,500, for earnings from Rs.5,00,001 to Rs.10,00,000 @ 20 per cent is Rs 1 lakh and for earnings on balance Rs.2,00,000 @ 30 per cent is Rs 60,000. He will have to pay an additional educational cess at 4 per cent, which is Rs 6900. So, the net income tax outgo of an earning individual who earns Rs 12 lakh per annum is Rs 1,79,300.

In order to decrease this income tax outgo, the earning individual can do the investment that allows income tax exemption under Section 80C of the income tax and some other options.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Income taxPersonal Finance
Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Thu, Oct 31, 2019
08:55 am
New Delhi, ZeeBiz WebDesk
RELATED NEWS
Income Tax: How CBDT is streamlining the faceless assessment system for taxpayers - DETAILS Income Tax: How CBDT is streamlining the faceless assessment system for taxpayers - DETAILS
Wealth Guide: Income Tax - SMART TIPS! 5 tax-saving techniques for FY23 - Here is what expert suggests Wealth Guide: Income Tax - SMART TIPS! 5 tax-saving techniques for FY23 - Here is what expert suggests
Rs 150 crore black income detected by Income Tax department during raids on Jhansi-based business group Rs 150 crore black income detected by Income Tax department during raids on Jhansi-based business group
Reduce personal income tax to spur economic activities - CII urges Modi government Reduce personal income tax to spur economic activities - CII urges Modi government
UK new Prime Minister race: Finalist Rishi Sunak pledges 'largest tax cut' in 3 decades UK new Prime Minister race: Finalist Rishi Sunak pledges 'largest tax cut' in 3 decades

LATEST NEWS

Remembering Rakesh Jhunjhunwala: What was Big Bull's view on India's stock market?

Fixed Depsit Interest Rate: Check latest FD rates of HDFC Bank, SBI, Kotak Mahindra Bank, PNB, ICICI Bank, BoB, IOB, Ujjivan

Banks privatisation: RBI article explains why it can be harmful, lists pros and cons

Stocks to buy today: M&M, ONGC, PVR, Axis Bank, Sona BLW among 20 shares for profitable trade on August 19

Sovereign Gold Bonds Latest News: Series II to be available for subscription from 22 August, Monday; details - from discounts to price

Centre extends deadline for PLI scheme for specialty steel again - details

Akshay Kumar Cuttputlli Movie OTT Release: Date, Time - When and where to watch Ranjit M Tiwari directed film online

Energy stocks trade mixed as government hikes windfall profit tax on export of diesel, slashes on local crude - details

Stocks to buy with Anil Singhvi: Sanjiv Bhasin picks Ashok Leyland, Apollo Hospitals, Larsen & Toubro - Check price target

Krishna Janmashtami 2022: Quotes, Wishes, Images, Status, Video and Messages to share with your loved ones

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV