Income Tax department Launch New E-tax calculator
Utility desk. Income Tax Department has launched 'e-Calculator'. It will help to calculate the income tax. By comparing the new and old income tax slab options proposed in the budget with this calculator on the Income Tax Department website, www.incometaxindiaefiling.gov.in, you can find out which rates are beneficial for you. In it the taxpayer will only have to register his age, annual income and deduction. The app itself will tell you, that the old tax system is right for you or that the new tax system is right.
Finance Minister Nirmala Sitharaman has announced the implementation of two tax structures parallel in the Budget 2020. Those who choose this arrangement will have to go through exclusion and deduction. It's pretty easy. It has 6 tax slabs. You can choose this arrangement as you wish. That is, this arrangement is optional. You can choose a tax scheme according to your requirement each year. That means, if you find that the new tax system is not worth it to you, you can opt for the old system from next year.