Hello friends, today we'll know how to calculate income tax for a salaried individual for the financial year 2018-2019. Also, we can see the assessment year 2019-2020. So, before going to the actual calculation, let us discuss some of the important factors which affect the income tax amount. The first point is the standard deduction. From the current financial year, the Government of India has introduced a standard deduction of rupees forty thousand for each salaried individual. The second point is the HRA exemption. We'll discuss it with the help of an example. The third point is the income from house property. Then, we have the income from other sources. Number three is the professional tax exemption. Next, we have deductions under different sections like ATC, ATC CD 180C, CD 2, and many other areas where we can get deductions. Lastly, we will discuss the tax slab for the assessment year 2019-2020. Firstly, regarding the standard deduction from the current year, a flat rupees 40,000 standard deduction has been introduced by the Government of India. This will replace the deduction of transport allowance of rupees 19,200 and medical reimbursement if any, which was being continued up to the last year. Secondly, let's discuss the HRA exemption. There are three factors to consider: Number one, the actual HRA received. Number two, 40% of basic plus DA. This is 50% for metro cities. Number three, actual rent paid minus ten percent of basic plus DA. In terms of HRA exemption, calculate the amount for each of the three factors and keep them separate. The least of these three amounts will be exempted from the total income. Moving on to income from house property, this includes the income you receive from renting out your own house and any interest paid on house loans. The interest amount can be deducted, up to a limit of two...
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2023 income tax calculator Form: What You Should Know
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