Excel It Calculation Sheet For Fy2018-19

Accurately calculate your Income Tax deductions under Section 80C, 80D, and HRA for Financial Year 2018-19 using our premium interactive tool with visual breakdowns.

Comprehensive Guide to Excel IT Calculation Sheet for FY2018-19

Module A: Introduction & Importance of IT Calculation Sheets

The Excel IT Calculation Sheet for FY2018-19 serves as a critical financial planning tool that helps salaried individuals and businesses accurately compute their taxable income while maximizing legitimate deductions under the Income Tax Act, 1961. This financial year (April 2018 to March 2019) introduced several important provisions that significantly impacted tax calculations:

• Revised Tax Slabs: The FY2018-19 maintained the progressive tax structure with rates of 5%, 20%, and 30% for different income brackets, but with adjusted exemption limits
• Standard Deduction Reintroduction: After 14 years, the standard deduction of ₹40,000 was reintroduced for salaried employees, replacing transport and medical allowances
• Enhanced 80D Limits: The deduction limit for health insurance premiums was increased to ₹50,000 for senior citizens and ₹25,000 for others
• LTCG Tax on Equities: Long-term capital gains exceeding ₹1 lakh from equity investments became taxable at 10% without indexation

According to Income Tax Department data, proper use of IT calculation sheets can help taxpayers reduce their tax liability by 15-30% through optimal deduction planning. The Excel format particularly offers advantages like:

1. Automated formula application reducing manual calculation errors
2. Scenario analysis capabilities for different investment combinations
3. Audit trails through cell references and formula transparency
4. Year-over-year comparison features for tax planning

Module B: Step-by-Step Guide to Using This Calculator

Our interactive calculator replicates the functionality of professional Excel IT calculation sheets while providing real-time visual feedback. Follow these steps for accurate results:

1. Enter Salary Components:
   • Gross Annual Salary: Your total salary before any deductions (CTC)
   • Basic Salary: Typically 40-50% of your gross salary (critical for HRA calculations)
   • HRA Received: The House Rent Allowance component shown in your salary slip
2. Rent Details:
   • Actual Rent Paid: Total annual rent paid (must match rent receipts)
   • Metro City: Select ‘Yes’ if you live in Delhi, Mumbai, Chennai, or Kolkata (affects HRA calculation)
3. Deduction Inputs:
   • Section 80C: Enter investments in PPF, ELSS, life insurance, etc. (maximum ₹1,50,000)
   • Section 80D: Health insurance premiums paid for self/family
   • Home Loan: Principal repayment amount (eligible under Section 80C)
   • Other Deductions: Includes NPS (80CCD), education loan interest (80E), etc.
4. Review Results:
   • The calculator instantly shows your HRA exemption, total deductions, and taxable income
   • The visual chart compares your gross income vs. taxable income after deductions
   • Estimated tax savings are calculated based on FY2018-19 tax slabs
5. Documentation Tips:
   • Keep rent receipts for HRA claims (mandatory for amounts over ₹1,00,000 annually)
   • Maintain investment proofs for all 80C claims
   • Save health insurance premium receipts for 80D deductions

Pro Tip: Use the calculator to test different scenarios. For example, see how increasing your 80C investments from ₹1,00,000 to ₹1,50,000 affects your taxable income. The visual chart makes these comparisons intuitive.

Module C: Formula & Methodology Behind the Calculations

The calculator uses the exact formulas prescribed by the Income Tax Department for FY2018-19. Here’s the detailed methodology:

1. House Rent Allowance (HRA) Exemption Calculation

The HRA exemption is the minimum of three values:

1. Actual HRA Received: The HRA component in your salary
2. Actual Rent Paid minus 10% of Basic Salary: (Rent Paid) – (10% of Basic)
3. 50%/40% of Basic Salary:
   • 50% if living in metro cities (Delhi, Mumbai, Chennai, Kolkata)
   • 40% for non-metro cities

Formula: HRA Exemption = MIN(HRA Received, (Rent Paid – 10% of Basic), [50%/40% of Basic])

2. Section 80C Deductions

The maximum deduction allowed is ₹1,50,000. Eligible investments include:

• Public Provident Fund (PPF)
• Equity Linked Savings Scheme (ELSS)
• Life Insurance Premiums
• National Savings Certificate (NSC)
• Home Loan Principal Repayment
• Tuition Fees for Children
• Sukanya Samriddhi Yojana

3. Section 80D Deductions (Medical Insurance)

Category	Maximum Deduction (FY2018-19)	Conditions
Self, Spouse, Dependent Children	₹25,000	For individuals below 60 years
Senior Citizens (60+ years)	₹50,000	For self or parents
Preventive Health Check-up	₹5,000	Included within overall limit
Total Maximum Deduction	₹75,000	₹25k (self) + ₹50k (senior citizen parents)

4. Taxable Income Calculation

The final taxable income is computed as:

Taxable Income = (Gross Salary – Standard Deduction) – (HRA Exemption + 80C + 80D + Other Deductions)

5. Tax Calculation (FY2018-19 Slabs)

Income Range	Tax Rate	Surcharge	Health & Education Cess
Up to ₹2,50,000	0%	N/A	N/A
₹2,50,001 to ₹5,00,000	5%	N/A	4%
₹5,00,001 to ₹10,00,000	20%	N/A	4%
Above ₹10,00,000	30%	10% (if income > ₹50 lakhs) 15% (if income > ₹1 crore)	4%

Our calculator applies these slabs progressively and includes the 4% health and education cess introduced in Budget 2018. The tax savings shown represent the difference between tax on gross income and tax on income after deductions.

Module D: Real-World Case Studies with Specific Numbers

Case Study 1: Young Professional in Bangalore (Non-Metro)

Profile: 28-year-old software engineer, gross salary ₹9,00,000, basic salary ₹4,50,000, HRA ₹2,40,000, rent paid ₹1,80,000

Gross Income:	₹9,00,000
Standard Deduction:	₹40,000
HRA Exemption Calculation:	MIN(₹2,40,000 HRA, (₹1,80,000 rent – 10% of basic), 40% of basic = ₹1,80,000) = ₹1,35,000
80C Investments:	₹1,50,000 (PPF + ELSS + Life Insurance)
80D Premiums:	₹25,000 (Health insurance for self)
Taxable Income:	₹9,00,000 – ₹40,000 – ₹1,35,000 – ₹1,50,000 – ₹25,000 = ₹5,50,000
Tax Liability:	₹25,000 (5% on first ₹2.5L) + ₹60,000 (20% on next ₹3L) + 4% cess = ₹90,200
Tax Savings:	Without deductions: ₹1,17,500 → Savings of ₹27,300

Case Study 2: Senior Manager in Mumbai (Metro)

Profile: 45-year-old with gross salary ₹18,00,000, basic ₹9,00,000, HRA ₹4,80,000, rent paid ₹4,20,000, parents’ health insurance ₹30,000

HRA Exemption:	MIN(₹4,80,000, (₹4,20,000 – ₹90,000), 50% of basic = ₹4,50,000) = ₹3,30,000
80C + 80CCD:	₹1,50,000 (ELSS + NPS) + ₹50,000 (additional NPS under 80CCD(1B))
80D Deduction:	₹25,000 (self) + ₹30,000 (parents) = ₹55,000
Taxable Income:	₹18,00,000 – ₹40,000 – ₹3,30,000 – ₹2,00,000 – ₹55,000 = ₹11,75,000
Tax Savings:	Without deductions: ₹4,95,000 → Savings of ₹1,82,700

Case Study 3: Freelance Consultant with Business Income

Profile: 35-year-old consultant with gross receipts ₹12,00,000, business expenses ₹3,00,000, home office with rent ₹2,40,000

Presumptive Income (50% of receipts):	₹6,00,000 (Section 44AD)
HRA Calculation:	As self-employed, no HRA component. Instead can claim: Home Office Deduction: ₹2,40,000 × 30% = ₹72,000 (30% of rent for business use space)
80C Investments:	₹1,50,000 (PPF + NSC)
80D Premiums:	₹25,000 (family floater policy)
Taxable Income:	₹6,00,000 – ₹72,000 – ₹1,50,000 – ₹25,000 = ₹3,53,000
Tax Liability:	₹12,500 (5% on first ₹2.5L) + ₹20,600 (20% on next ₹1.03L) + 4% cess = ₹34,508

These case studies demonstrate how proper use of the IT calculation sheet can lead to substantial tax savings. The key is accurate input of all eligible deductions and understanding how different components interact (particularly HRA with basic salary percentages).

Module E: Comparative Data & Statistics

The following tables provide critical comparative data for FY2018-19 that can help in tax planning decisions:

Table 1: Deduction Limits Comparison (FY2017-18 vs FY2018-19)

Deduction Section	FY2017-18 Limit	FY2018-19 Limit	Key Changes
Standard Deduction	N/A	₹40,000	Reintroduced after 14 years, replaces transport (₹19,200) and medical (₹15,000) allowances
Section 80C	₹1,50,000	₹1,50,000	No change in limit, but NPS got additional ₹50,000 under 80CCD(1B)
Section 80D (Regular)	₹25,000	₹25,000	No change for individuals below 60
Section 80D (Senior Citizens)	₹30,000	₹50,000	Increased by ₹20,000 for senior citizens
Section 80D (Preventive Health Check)	₹5,000	₹5,000	Included within overall 80D limit
Section 80EE (First-time Homebuyers)	₹50,000	₹50,000	Extended to FY2018-19 for loans up to ₹35 lakhs
LTCG on Equity	Exempt	10% (above ₹1 lakh)	New tax introduced in Budget 2018

Table 2: Tax Outgo Comparison Across Income Levels (FY2018-19)

Gross Income (₹)	Without Deductions	With Optimal Deductions	Tax Saved (₹)	Effective Tax Rate
5,00,000	12,500 + 4% cess = 13,000	0 (after deductions)	13,000	0%
7,50,000	37,500 + 4% cess = 39,000	12,500 + 4% cess = 13,000	26,000	1.73%
10,00,000	75,000 + 4% cess = 78,000	37,500 + 4% cess = 39,000	39,000	3.90%
15,00,000	2,25,000 + 4% cess = 2,34,000	1,37,500 + 4% cess = 1,43,000	91,000	9.53%
20,00,000	3,75,000 + 4% cess = 3,90,000	2,37,500 + 4% cess = 2,47,000	1,43,000	12.35%
25,00,000	5,75,000 + 4% cess = 5,99,000	3,37,500 + 4% cess = 3,51,000	2,48,000	14.04%

Data sources: Income Tax Department and Reserve Bank of India economic surveys. The tables clearly show how proper tax planning can reduce effective tax rates by 5-10 percentage points across income levels.

Module F: Expert Tax Planning Tips for FY2018-19

Maximizing Section 80C Deductions (₹1,50,000 Limit)

• Prioritize ELSS Funds: Equity Linked Savings Schemes offer potential higher returns (12-15% historical) with just 3-year lock-in, compared to PPF’s 15-year lock-in
• Combine Instruments: Use a mix of PPF (safety), ELSS (growth), and life insurance (protection) to diversify within the ₹1.5L limit
• Children’s Tuition: Fees paid for up to 2 children’s education qualify – keep receipts handy
• Home Loan Principal: The principal repayment portion qualifies – ensure your bank provides the annual certificate
• NPS Additional Benefit: Contribute up to ₹50,000 extra under Section 80CCD(1B) beyond the ₹1.5L limit

Optimizing HRA Claims

1. Rent Agreement: Ensure you have a proper rent agreement if paying rent to family members
2. Rent Receipts: Collect monthly receipts (mandatory for claims over ₹1,00,000 annually)
3. PAN Requirement: If annual rent exceeds ₹1,00,000, landlord’s PAN is required
4. Metro Advantage: If you’re in a metro, the 50% of basic rule often gives higher exemption than actual HRA received
5. Home Loan + HRA: You can claim both HRA and home loan benefits if you’re living in a rented house in one city while owning a house in another

Leveraging Section 80D Effectively

• Family Floater Policies: Cover your entire family under one policy to maximize the ₹25,000 limit
• Senior Citizen Parents: If your parents are senior citizens, you can claim up to ₹50,000 for their insurance (even if they’re not dependent on you)
• Preventive Check-ups: The ₹5,000 limit can be used for health check-ups for self, spouse, children, or parents
• Payment Mode: Premiums must be paid by any mode other than cash to qualify for deduction
• Top-up Plans: Consider super top-up plans which offer high coverage at lower premiums

Other Valuable Deductions Often Missed

• Section 80E: Interest on education loans (no upper limit, deduction for 8 years)
• Section 80G: Donations to approved charities (50-100% deduction depending on organization)
• Section 80GG: Rent deduction for those not receiving HRA (up to ₹60,000 annually)
• Section 24: Interest on home loan (up to ₹2,00,000 for self-occupied property)
• Section 80TTA: ₹10,000 deduction on savings account interest (for individuals below 60)

Common Mistakes to Avoid

1. Incorrect HRA Calculation: Many taxpayers just take the HRA received amount without calculating the minimum of three values
2. Missing Rent Receipts: Without proper documentation, HRA claims can be disallowed during assessment
3. Overlooking Standard Deduction: The new ₹40,000 standard deduction is often missed in calculations
4. Improper Investment Proofs: For 80C claims, ensure you have proper certificates (PPF passbook, ELSS statement, etc.)
5. Ignoring Cess Changes: The health and education cess increased from 3% to 4% in FY2018-19
6. Not Claiming Previous Year’s Losses: Capital losses can be carried forward for 8 years if properly declared

Documentation Checklist

Maintain these documents to support your claims:

• Form 16 from your employer
• Rent agreement and monthly rent receipts
• Home loan interest certificate (for Section 24)
• Investment proofs (PPF passbook, ELSS statements, insurance premium receipts)
• Health insurance premium receipts
• Donation receipts (for 80G claims)
• Education loan interest certificate (for 80E)
• Bank statements showing interest income (for 80TTA)

Module G: Interactive FAQ – Your Tax Questions Answered

How does the standard deduction of ₹40,000 introduced in FY2018-19 affect my tax calculation?

The standard deduction of ₹40,000 replaces the previous transport allowance (₹19,200 per annum) and medical reimbursement (₹15,000 per annum). Here’s how it impacts your taxes:

• Net Benefit: ₹40,000 – (₹19,200 + ₹15,000) = ₹5,800 additional benefit
• Simplification: No need to submit transport or medical bills – the deduction is automatic
• Tax Savings: For someone in the 30% tax bracket, this provides additional savings of ₹1,740 (₹5,800 × 30%)
• Pensioners Benefit: First time pensioners get this deduction (previously they couldn’t claim transport/medical allowances)

In our calculator, this deduction is automatically applied to your gross salary before calculating taxable income.

Can I claim both HRA exemption and home loan benefits simultaneously?

Yes, you can claim both benefits under specific conditions:

1. Different Locations: If you own a house in one city (for which you’re paying EMI) but live in a rented accommodation in another city for work, you can claim:
   • HRA exemption for the rented accommodation
   • Home loan interest deduction (Section 24) and principal repayment (Section 80C) for the owned property
2. Same Location Scenario: If you own a house but choose to live in a rented accommodation in the same city:
   • You can claim HRA exemption for the rented house
   • For your owned property, you can claim it as ‘deemed let out’ and avail:
     • 30% standard deduction on notional rent
     • Full interest deduction (no ₹2,00,000 limit for deemed let out)
3. Documentation Required:
   • Rent agreement and receipts for HRA claim
   • Home loan interest certificate from bank
   • If claiming owned property as deemed let out, you’ll need to show notional rent in your ITR

Important Note: You cannot claim HRA exemption for a property you own (even if you’re paying EMI for it) unless you’re living in a different rented property.

What are the specific rules for claiming HRA when paying rent to parents?

Paying rent to parents is a valid arrangement, but you must follow these rules strictly:

Requirements:

• Genuine Transaction: There must be an actual transfer of rent money to your parents’ account
• Rent Agreement: A proper rent agreement between you and your parents is recommended
• Monthly Receipts: Rent receipts signed by your parent (landlord) are mandatory
• PAN Requirement: If annual rent exceeds ₹1,00,000, you must provide your parent’s PAN
• Parent’s Tax Return: Your parent must show this rental income in their ITR under ‘Income from House Property’

Tax Implications for Parents:

• They can claim 30% standard deduction on the rental income
• If they own the property jointly, the rental income can be split between both parents
• If their total income (including rent) is below the taxable limit (₹2.5L for FY2018-19), they pay no tax

Common Mistakes to Avoid:

1. Not actually transferring the rent money (IT department may disallow if they see the money stays in your account)
2. Using cash for rent payments (always use bank transfers)
3. Not having proper documentation (agreement + receipts)
4. Claiming HRA while living in your own house (even if you’re paying EMI)

Example Calculation: If you pay ₹15,000/month rent to your parents (₹1,80,000 annually) and your basic salary is ₹6,00,000:

HRA Exemption = MIN(Actual HRA, (Rent – 10% of basic), 50% of basic)

= MIN(HRA received, (₹1,80,000 – ₹60,000), ₹3,00,000) = ₹1,20,000

How does the new LTCG tax on equity introduced in Budget 2018 affect my tax planning?

The Budget 2018 introduced a 10% Long-Term Capital Gains (LTCG) tax on equity investments with these specific rules for FY2018-19:

Key Provisions:

• Tax Rate: 10% on LTCG exceeding ₹1,00,000 in a financial year
• Grandfathering: Gains up to 31 January 2018 are exempt (cost price is taken as the higher of actual cost or fair market value as on 31 Jan 2018)
• Holding Period: 12 months (same as before – no change in what qualifies as long-term)
• No Indexation: Unlike debt funds, equity LTCG doesn’t get indexation benefit
• STT Paid: Securities Transaction Tax must have been paid on both purchase and sale

Impact on Tax Planning:

1. Rebalancing Portfolios:
   • Consider booking profits up to ₹1,00,000 LTCG annually to avoid tax
   • For larger portfolios, spread sales across financial years
2. ELSS Funds:
   • ELSS still remains attractive due to shortest lock-in (3 years) among 80C options
   • But now you need to factor in 10% LTCG tax on gains above ₹1L
3. Debt vs Equity:
   • Debt funds with 3+ year holding get 20% tax with indexation (often lower than 10% without indexation)
   • For some investors, debt funds may now be more tax-efficient
4. Tax Harvesting:
   • Sell investments with gains near ₹1,00,000 to reset the cost price
   • Immediately reinvest to maintain market exposure

Example Calculation:

If you sell equity shares purchased in 2016 for ₹5,00,000 with sale value ₹12,00,000 in FY2018-19:

• Fair market value as on 31 Jan 2018: ₹8,00,000
• Taxable LTCG = Sale price – Higher of (actual cost, FMV on 31 Jan 2018)
• = ₹12,00,000 – ₹8,00,000 = ₹4,00,000
• Taxable amount = ₹4,00,000 – ₹1,00,000 (exemption) = ₹3,00,000
• LTCG Tax = 10% of ₹3,00,000 = ₹30,000 + 4% cess = ₹31,200

What are the specific documentation requirements for different types of deductions?

Proper documentation is crucial for successfully claiming deductions. Here’s a comprehensive checklist:

1. House Rent Allowance (HRA)

• Rent Agreement: Signed between you and landlord, with clear terms
• Rent Receipts: Monthly receipts with:
  • Landlord’s name and address
  • Your name
  • Month and year
  • Amount paid (in words and figures)
  • Landlord’s signature
• Landlord’s PAN: Mandatory if annual rent > ₹1,00,000
• Bank Statements: Showing rent transfers (if paying via bank)

2. Section 80C Deductions

Investment Type	Required Documents
PPF	PPF passbook or annual statement showing deposits
ELSS Funds	Consolidated account statement from mutual fund company
Life Insurance	Premium payment receipts or policy certificate
NSC/KVP	Purchase certificates from post office
Home Loan Principal	Loan account statement showing principal repayment
Tuition Fees	Fee receipts from school/college (for max 2 children)
Sukanya Samriddhi	Passbook or deposit receipts

3. Section 80D (Medical Insurance)

• Insurance premium payment receipts
• Policy document showing insured members
• Payment proof (bank statement if paid online)
• For cash payments: Not eligible (must be non-cash)

4. Home Loan Interest (Section 24)

• Loan interest certificate from bank (Form 16A)
• Loan account statement showing interest paid
• Property possession certificate (if claiming pre-EMI interest)

5. Section 80G (Donations)

• Receipt from donee organization with:
  • Name and address of organization
  • PAN of organization
  • 80G registration number
  • Amount donated (in words and figures)
  • Date of donation
• Payment proof (bank statement if paid online)

6. Section 80E (Education Loan)

• Loan interest certificate from bank
• Loan agreement showing purpose as education
• Payment proof for interest component

Document Retention Period:

Keep all tax-related documents for at least 6 years from the end of the relevant assessment year, as the IT department can reopen cases up to 6 years old in certain situations.

How do I handle income from multiple employers in FY2018-19?

If you changed jobs during FY2018-19, you need to carefully handle income from multiple employers:

Step-by-Step Process:

1. Collect All Form 16s:
   • Get Form 16 from each employer
   • Verify TDS deducted by each employer
2. Consolidate Income:
   • Sum up all salaries from different employers
   • Include any other income (interest, capital gains, etc.)
3. Claim Deductions:
   • Deductions like 80C, 80D are cumulative for the year (not per employer)
   • Ensure total claims don’t exceed annual limits
4. HRA Calculation:
   • Calculate HRA exemption separately for each employment period
   • Use pro-rata basic salary for each period
5. Check TDS:
   • Total TDS deducted by all employers
   • Compare with your actual tax liability
6. File ITR:
   • Use ITR-1 if total income ≤ ₹50L and no capital gains
   • Report all income sources in the appropriate schedules

Common Issues and Solutions:

Issue	Solution
Excess TDS deducted	Claim refund while filing ITR
Shortfall in TDS	Pay self-assessment tax before filing ITR
Duplicate 80C claims across employers	Adjust in ITR to ensure total ≤ ₹1.5L
Missing Form 16 from previous employer	Use Form 26AS to get TDS details
Different PAN across employers	Get PAN corrected immediately

Example Calculation:

Suppose you worked with:

• Employer A (Apr-Dec 2018): Salary ₹6,00,000, TDS ₹30,000
• Employer B (Jan-Mar 2019): Salary ₹3,00,000, TDS ₹10,000
• Other income: ₹50,000 (FD interest)
• Deductions: 80C ₹1,50,000, 80D ₹25,000

Total Income: ₹6,00,000 + ₹3,00,000 + ₹50,000 = ₹9,50,000

Taxable Income: ₹9,50,000 – ₹1,75,000 = ₹7,75,000

Tax Calculation: ₹12,500 (5%) + ₹50,000 (20%) = ₹62,500 + 4% cess = ₹65,000

TDS Credit: ₹30,000 + ₹10,000 = ₹40,000

Tax Payable/Refund: ₹65,000 – ₹40,000 = ₹25,000 to be paid as self-assessment tax

What are the key differences between the old and new tax regimes introduced in subsequent budgets?

While FY2018-19 only had the old tax regime, it’s helpful to understand how subsequent changes affect tax planning. Here’s a comparison:

Feature	Old Regime (FY2018-19)	New Regime (Introduced FY2020-21)
Tax Slabs	Up to ₹2.5L: 0% ₹2.5L-₹5L: 5% ₹5L-₹10L: 20% Above ₹10L: 30%	Up to ₹2.5L: 0% ₹2.5L-₹5L: 5% ₹5L-₹7.5L: 10% ₹7.5L-₹10L: 15% ₹10L-₹12.5L: 20% ₹12.5L-₹15L: 25% Above ₹15L: 30%
Standard Deduction	₹40,000	₹50,000 (from FY2023-24)
Section 80C	Allowed (₹1.5L)	Not allowed
Section 80D	Allowed	Not allowed
HRA Exemption	Allowed	Not allowed
Home Loan Interest (Section 24)	Allowed (₹2L)	Not allowed
Rebate (Section 87A)	₹2,500 (for income ≤ ₹3.5L)	₹12,500 (for income ≤ ₹5L) from FY2023-24
Surcharge	10% for income > ₹50L 15% for income > ₹1Cr	10% for income > ₹50L 15% for income > ₹1Cr 25% for income > ₹2Cr (from FY2023-24) 37% for income > ₹5Cr (from FY2023-24)

Which Regime is Better for FY2018-19?

Since FY2018-19 only had the old regime, you must use that for your calculations. However, understanding the new regime helps if you’re:

• Planning to revise previous years’ returns (up to 2 years)
• Comparing with current year’s taxes
• Making long-term financial plans

When to Choose Old vs New Regime (General Guidance):

• Choose Old Regime if:
  • You have significant deductions (HRA, home loan, 80C investments)
  • Your total deductions exceed ₹2,50,000
  • You’re in higher income brackets (above ₹15L)
• Choose New Regime if:
  • You have minimal deductions
  • Your income is below ₹7.5L (lower tax rates)
  • You prefer simplicity over tax planning

Important Note: For FY2018-19, you must use the old regime as shown in our calculator. The new regime options became available only from FY2020-21 onwards.