Income Tax Department Launches e-Calculator for Comparison

Income Tax Department Launches e-Calculator for Comparison

Income Tax Department Launches e-Calculator for Comparison

Income Tax Department Launches e-Calculator for Comparison:

Tax Slabs:

Income Tax officials said, we have launched a e-calculator for individuals to estimate their tax liabilities.

If the taxpayers opt for the new tax regime for this financial year 2020-21. Which doesn’t comes with certain exemptions and deductions.

This calculator comes with a table to compare taxes with the old and the new regime, for resident individuals we hosted an official website that is Income Tax department’s official e-filling website.

In that website the resident tax payers need to fill their income tax return (ITR).

In India the taxpayers is of three age categories. They are:

  • Normal Citizen (below 60 years)
  • Senior citizen (b/w 60-79 years) and
  • Super Senior Citizen (above 79 years)

These three category taxpayers need to enter their estimated annual income from all sources, total eligible deductions and exemptions to see what will be their total taxable income. After that the individual taxpayer need to decide whether the old regime is better or opt for the new one.

The calculator takes into consideration of all eligible exemptions and deductions, as proposed under the new regime.

Under, this new personal income tax regime proposed by the Finance Minister Nirmala Sitharaman in her Budget speech last week.

The following tax rate changes are:

Taxable Income Slab (Rs) Existing Tax Rates New Optional Tax Rates For FY 2020-21
0-2.5 Lakh Exempt Exempt
2.5-5 Lakh 5% 5%
5-7.5 Lakh 20% 10%
7.5-10 Lakh 20% 15%
10-12.5 Lakh 30% 20%
12.5-15 Lakh 30% 25%
Above 15 Lakh 30% 30%

Popular tax deduction and exemptions like standard deduction of Rs 50,000 and section 80C cannot benefit if individuals choose the new tax regime.

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