GConnect Income Tax Calculator 2018-19 (Assessment Year 2019-20) with Save Option

GConnect Income Tax Calculator 2018-19 (Assessment Year 2019-20) with Save Option – Trusted by more than 52000 Registered Users

We have come up with the updated GConnect Income Tax Calculator 2018-19 (Assessment Year 2019-20) with Save Option to take care of changes in Income Tax Provisions in Finance Act 2018. As on 12th November 2018, GConnect Income Tax Calculator with save option has 52398 registered users and the list is growing.

Checkout GConnect Income Tax Calculator 2018-19 (Assessment Year 2019-20) with Save Option

What is the advantage of using GConnect Income Tax Calculator with save option ?

The most useful feature of this GConnect Income Tax tool is that it allows registered users to make use of the tool even when data required for calculating income tax liability such as salary details, savings, deductions etc are partially available.

Enter values that are available and save the same. Once all the details are available calculate your income tax liablity and generate Income Tax Statement to be submitted to DDO.

What are all the major changes in Income Tax for the Year 2018-19 ?

1. From the Financial year 2018-19, Tax Payers will have to pay 4% as Health and Education Cess on the Income Tax Payable. Education cess prior to 2018-19 was 3%

2. Salaried Employees are entitled to Standard Deduction of up to Rs. 40,000 from the taxable income from the year 2018-19. (Section 17(2) of Income Tax Act)

3. Income Tax Exemption on reimbursement of Medical Expenses has been withdrawn. Until FY 2017-18 Income Tax exemption was allowed for the medical expenses up to Rs. 15,000/- reimbursed by the employer.

4. Income Tax Exemption on Transport Allowance paid to Employees has also been withdrawn. Earlier Section 10 (14) (ii) provided for Income tax exemption in respect of Transport Allowance up to Rs. 1600 per month. However, physically challenged employees who are entitled to double transport allowance would continue get Income Tax Exemption on Transport Allowance up Rs. 3200 per month.

5. Senior Citizens will be getting additional concessions from the FY 2018-19 in the form of increased Income Tax Exemption on Health Insurance Premium paid up to Rs. 50,000 and Interest on bank deposits to the extent of Rs. 50,000

1. Income Tax 2018-19 on Salary Income and Pension

2. Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old)

3. Income Tax Slab for Senior Citizens(80 Years and above)

Surcharge: 10% and 15% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore and exceeds Rs. 1 Crore respectively.

4. Income Tax Relief under Section 87A:

Income Tax Relief of up to Rs. 2500/- under Section 87 A has been retained in respect of Tax Payers whose Taxable Income does not exceed Rs. 3.5 lakh.

How to use GConnect Income Tax Calculator with Save Option ?

The following articles elaborately on discuss step by step methods to use GConnect Income Tax Calculator with save option.

Tutorial on GConnect Income Tax Calculator 2018-19 for Central Government Employees

How to use Save Option in GConnect Income Tax Calculator ?

GConnect Income Tax Calculator 2018-19 (Assessment Year 2019-20) – Instant version