Income Tax Calculator FY 2019-20
Calculate your income tax for Financial Year 2019-20 (AY 2020-21) and download Excel template
Your Tax Calculation Results (FY 2019-20)
Comprehensive Guide to Income Tax Calculator for FY 2019-20 (AY 2020-21)
The Financial Year 2019-20 (Assessment Year 2020-21) introduced several important changes to India’s income tax structure. This guide provides a complete breakdown of the tax slabs, deductions, and calculation methodology, along with instructions for downloading our Excel-based tax calculator.
Key Features of FY 2019-20 Tax Structure
- Two Tax Regimes: Taxpayers could choose between the old regime (with deductions) and the new regime (lower rates without most deductions) introduced in Budget 2020
- Rebate under Section 87A: Increased to ₹12,500 for income up to ₹5 lakh (from previous ₹2,500 for income up to ₹3.5 lakh)
- Standard Deduction: Increased to ₹50,000 from ₹40,000 for salaried individuals
- NPS Contribution: Additional deduction of ₹50,000 under Section 80CCD(1B)
- Capital Gains: Long-term capital gains over ₹1 lakh from equity shares/mutual funds taxed at 10%
Income Tax Slabs for FY 2019-20
The tax slabs varied based on age group and chosen regime. Here are the details:
| Age Group | Income Range (₹) | Old Regime Tax Rate | New Regime Tax Rate |
|---|---|---|---|
| Below 60 years | Up to 2,50,000 | Nil | Nil |
| 2,50,001 – 5,00,000 | 5% | 5% | |
| 5,00,001 – 7,50,000 | 20% | 10% | |
| 7,50,001 – 10,00,000 | 20% | 15% | |
| Above 10,00,000 | 30% | 20% | |
| 60-80 years (Senior Citizen) | Up to 3,00,000 | Nil | Nil |
| 3,00,001 – 5,00,000 | 5% | 5% | |
| 5,00,001 – 10,00,000 | 20% | 10% | |
| Above 10,00,000 | 30% | 20% | |
| Above 80 years (Super Senior Citizen) | Up to 5,00,000 | Nil | Nil |
| 5,00,001 – 10,00,000 | 20% | 10% | |
| Above 10,00,000 | 30% | 20% |
Surcharge and Cess Applicability
For incomes exceeding certain thresholds, additional surcharges apply:
- 10% surcharge on income between ₹50 lakh to ₹1 crore
- 15% surcharge on income between ₹1 crore to ₹2 crore
- 25% surcharge on income between ₹2 crore to ₹5 crore
- 37% surcharge on income above ₹5 crore
Additionally, a Health and Education Cess of 4% is levied on the total tax plus surcharge.
Major Deductions Available in FY 2019-20
Under the old tax regime, taxpayers could claim various deductions to reduce their taxable income:
| Section | Deduction Details | Maximum Limit (₹) |
|---|---|---|
| 80C | Investments in PPF, ELSS, NSC, life insurance premium, tuition fees, etc. | 1,50,000 |
| 80D | Medical insurance premium for self, family and parents | 50,000 (including ₹25,000 for parents) |
| 80CCD(1B) | Additional NPS contribution | 50,000 |
| 80E | Interest on education loan | No limit |
| 80G | Donations to specified funds/charities | Varies (50%-100% of donation) |
| 24(b) | Home loan interest | 2,00,000 (self-occupied) |
| HRA | House Rent Allowance exemption | Actual HRA received or calculated exemption, whichever is lower |
How to Calculate HRA Exemption
The HRA exemption is calculated as the minimum of:
- Actual HRA received
- 50% of salary (for metro cities) or 40% (for non-metro)
- Actual rent paid minus 10% of salary
Our calculator automatically computes this based on your inputs.
Comparison: Old vs New Tax Regime (FY 2019-20)
The Budget 2020 introduced an optional new tax regime with lower rates but without most deductions. Here’s a comparison:
| Feature | Old Regime | New Regime |
|---|---|---|
| Tax Slabs | 3 slabs (5%, 20%, 30%) | 6 slabs (0%, 5%, 10%, 15%, 20%, 25%, 30%) |
| Standard Deduction | ₹50,000 | ₹50,000 |
| Section 80C Deduction | Allowed (₹1.5 lakh) | Not allowed |
| Section 80D (Medical Insurance) | Allowed | Not allowed |
| HRA Exemption | Allowed | Not allowed |
| Home Loan Interest (24b) | Allowed (₹2 lakh) | Not allowed |
| Rebate under 87A | ₹12,500 (for income ≤ ₹5 lakh) | ₹12,500 (for income ≤ ₹5 lakh) |
| Best for | Those with significant investments/deductions | Those with lower investments, simpler returns |
Step-by-Step Guide to Using Our Excel Tax Calculator
Our downloadable Excel template makes tax calculation simple:
- Download the template using the button above
- Enable macros if prompted (for advanced features)
- Enter your basic details (name, PAN, age group)
- Input your income from all sources (salary, house property, capital gains, etc.)
- Select your regime (old or new)
- Enter deductions (if using old regime)
- Enter TDS details if any tax has been deducted at source
- View your tax calculation in the summary sheet
- Generate Form 16 (if salaried employee)
- Save your file with a unique name for future reference
The Excel template includes:
- Automatic tax calculation based on selected regime
- Detailed breakdown of tax components
- Comparison between old and new regimes
- Form 16 generator for salaried individuals
- Tax planning suggestions
- Print-ready tax computation sheet
Common Tax Calculation Mistakes to Avoid
Many taxpayers make these errors when calculating their taxes:
- Ignoring income from all sources – Forgetting to include interest income, freelance earnings, or capital gains
- Incorrect HRA calculation – Not considering all three components for exemption
- Missing deduction deadlines – Some investments must be made before March 31
- Wrong regime selection – Not comparing both regimes to see which is more beneficial
- Incorrect surcharge application – Misapplying surcharge thresholds
- Not claiming all eligible deductions – Missing out on lesser-known deductions
- Math errors in manual calculations – Especially with complex components like capital gains
- Not verifying TDS credits – Not matching Form 26AS with actual TDS
Frequently Asked Questions
Q: Can I switch between old and new regimes every year?
A: Yes, you can choose different regimes each financial year based on which is more beneficial for your income and deductions that year.
Q: Is the new regime always better?
A: Not necessarily. If you have significant deductions (like home loan, insurance, etc.), the old regime might result in lower taxes. Our calculator helps you compare both.
Q: How is capital gains tax calculated in FY 2019-20?
A: Long-term capital gains (LTCG) from equity shares/mutual funds over ₹1 lakh are taxed at 10% without indexation. Other assets follow their respective rules (20% with indexation for most).
Q: Can NRIs use this calculator?
A: Yes, select “NRI” as your residential status. Note that NRIs have different tax treatment for certain incomes and cannot claim some deductions.
Q: What’s the last date for filing ITR for FY 2019-20?
A: The original due date was July 31, 2020, but it was extended to November 30, 2020 due to COVID-19. For belated returns, the deadline was December 31, 2020.
Q: How do I verify my tax calculation?
A: You can cross-verify using the Income Tax Department’s official calculator or consult a tax professional.
Important Income Tax Deadlines for FY 2019-20
- March 31, 2020 – Last date for most tax-saving investments (80C, 80D, etc.)
- June 30, 2020 – Due date for employer to issue Form 16
- July 31, 2020 – Original due date for filing ITR (extended to November 30, 2020)
- December 31, 2020 – Final deadline for belated returns
- March 31, 2021 – Last date for revised returns
Tax Planning Strategies for FY 2019-20
Even after the financial year ends, you can optimize your tax liability:
- Compare regimes carefully – Use our calculator to see which regime saves you more tax
- Maximize Section 80C – Invest in ELSS (3-year lock-in) if you haven’t exhausted the ₹1.5 lakh limit
- Consider NPS – Additional ₹50,000 deduction under 80CCD(1B)
- Medical insurance – Claim deduction for parents’ health insurance under 80D
- Home loan planning – If you have a home loan, ensure you claim both principal (80C) and interest (24b) benefits
- Capital gains planning – Use losses to offset gains where possible
- Advance tax payment – If your tax liability exceeds ₹10,000, pay advance tax to avoid interest
- Donations – Consider donations to eligible charities for 80G benefits
Changes from Previous Year (FY 2018-19)
FY 2019-20 introduced several important changes from the previous year:
- New tax regime option – Lower rates without most deductions
- Increased rebate – Section 87A rebate increased from ₹2,500 to ₹12,500
- Standard deduction increase – From ₹40,000 to ₹50,000
- NPS withdrawal rules – 60% of NPS corpus made tax-free at maturity
- Capital gains – LTCG tax on equity introduced in previous year continued
- TDS on cash withdrawals – 2% TDS on cash withdrawals over ₹1 crore from bank accounts
How to File Your ITR for FY 2019-20
Follow these steps to file your income tax return:
- Gather documents – Form 16, bank statements, investment proofs, etc.
- Choose the right ITR form – Most salaried individuals use ITR-1
- Calculate your tax – Use our calculator or the income tax department’s utility
- Register on e-filing portal – If not already registered
- Fill in details – Personal information, income details, deductions
- Validate with Aadhaar – Link your Aadhaar if not already done
- Pay any outstanding tax – Through the portal if you have tax due
- Submit and verify – Using Aadhaar OTP, net banking, or by sending signed ITR-V
- Download acknowledgment – Keep the ITR-V for your records
For complex returns (multiple income sources, capital gains, etc.), consider using a tax professional or the income tax department’s offline utility.
Penalties for Late Filing or Errors
Be aware of these consequences:
- Late filing fee – ₹5,000 if filed after due date (₹1,000 if income ≤ ₹5 lakh)
- Interest on outstanding tax – 1% per month under Section 234A
- Loss carryforward – Some losses cannot be carried forward if return is filed late
- Prosecution – In cases of tax evasion or willful non-compliance
- Reduced refund interest – If you’re due a refund, late filing reduces interest you earn
Conclusion
The FY 2019-20 tax structure offered taxpayers more choices with the introduction of the new tax regime. While the new regime provided lower rates, the old regime continued to benefit those with significant investments and deductions. Our interactive calculator and downloadable Excel template help you:
- Accurately calculate your tax liability under both regimes
- Compare which regime is more beneficial for your situation
- Understand the breakdown of your tax components
- Plan your taxes more effectively
- Generate the necessary documentation for filing
Remember that while our tools provide accurate calculations based on the information you provide, it’s always wise to consult with a tax professional for complex situations or if you’re unsure about any aspect of your tax filing.
For the most current information, always refer to the official Income Tax Department website or consult a certified tax advisor.