GConnect Income Tax Calculator 2018-19 for Central Government Employees

GConnect Income Tax Calculator 2018-19 (Assessment Year 2019-20) – Easy to use Income Tax Planning tool for Central Government Employees and Pensioners

Estimate your Income Tax Liability at the earliest so that you can plan for Tax Savings in advance. GConnect Income Tax Calculator is the right tool to accomplish this task. This tool has been updated with all necessary changes to cater to Income Tax Provisions for the financial year 2018-19

Checkout GConnect Income Tax Calculator 2018-19 (Assessment Year 2019-2020)

This version of GConnect Income Tax Calculator can be used instantly without the requirement of login using user name and password.

Important Changes in Income Tax Provisions for the Financial Year 2018-19

1. Education Cess renamed as Health and Education Cess and increased from 3% to 4%.

2. Standard Deducation up to Rs. 40,000 introduced for Salaried Employees under Section 17 (2) of Income Tax Act.

3. Until 2017-18 Medical Expenses upto Rs. 15,000 was exempted under Section 80D of Income Tax Act. This exemption has been withdrawn.

4. Section 10 (14) (ii) of Income Tax Act allowed Income Tax Exemption up to Rs. 1600 per month in respect of Transport Allowance. As regards to Salary Income during the year 2018-19, Income Tax Exemption on Transport Allowance has been withdrawn. However, salaried employees who are Physically Challenged will continue to be entitled for Income Tax Exemption up to Rs. 3200 per month as far as Double Transport Allowance received by them.

5. Interest Income earned by Senior Citizens is now eligible for Income Tax Exemption up to Rs. 50,000 as per Section 80 TTB of Income Tax Act.

6. Health Insurance expenses in respect of Senior Citizens is now eligible for Income Tax Exemption up to Rs. 50,000 – Section 80D.

Checkout following link for more details on changes made in Income Tax 2018-19 applicable to Salaried Employees

Income Tax 2018-19 – Changes for Salaried Employees and Pensioners

How to use GConnect Income Tax Calculator 2018-19 (Instant version) ?

GConnect Income Tax Calculator contains following three parts

1. Income, Deductions and Savings Entry Form

2. Income Tax Worksheet

3. Income Tax Statement.

Enter values only in entry form .  Gross and taxable income for 2018-19 and Income Tax to be paid for this year are populated in the Income Tax Work sheet.  This work sheet can be edited so that you can modify any values and once you ensured that all the values are correct generate Income Tax Statement.

 

1. Entry Form : How to use Income, Deductions and Savings Entry Form ?

This entry form has been divided in to 6 sub parts for the ease of use. Each of these sub parts can be found in Each horizontal Tab on the top of the tool.

Horizontal Tabs in Entry Form:

a. Personal Details

b. Income

c. Deductions

d. Savings

e. Exemption on HBA Interest

f. Calculate Tax

 

Note:

Tool-tip:

Description of each field in the entry form contains tool tip for detailed Note / explanation about the field in which value has to be entered. To have a look at the same, place the mouse pointer on the description of each field.

What Income Tax Provisions say?

Wherever needed, documents containing the provisions of Income Tax Act and Rules have been linked with the fields concerned so that user can go through the income tax provisions before making entry in the relevant field.

How to calculate Income Tax after making entries in the Entry Form?

Once relevant fields in the entry form is filled up go to Calculate Tax Tab and click “Calculate Income Tax Button”. Once this button is clicked, the Income Tax Worksheet available below entry form, will be filled up by the tool.

2. Income Tax Worksheet : How to use Worksheet in the GConnect Income Tax Tool ?

The worksheet contains month wise and head wise income, deductions, taxable income, and income tax payable.

You can edit the work sheet for any month, then revised income tax would be calculated automatically in the worksheet. This feature will be useful especially if values such as pay, hra etc change in the middle of the year due to transfer or promotion.

You can also edit the entry form again and click “Calculate Income Tax”. In that case, values for all the months will be revised in the worksheet and revised income tax will be calculated.

3. Income Tax Statement : How to generate Income Tax Statement ?

Once you find that values in the worksheet are correct, Click Generate Statement for preparing Income Tax Statement.

Income Tax Statement is a document to be submitted to your employer. It contains tabulated data of your income, deductions, exemptions and income tax payable.

Checkout GConnect Income Tax Calculator 2018-19 (Assessment Year 2019-2020)

Income Tax 2018-19 – How various income earned by Salaried Employees treated under Income Tax ?

Income Tax Relief under Section 89 of Income Tax Act – Updated GConnect Calculator