E-calculator launched by the Income tax department for individuals to compare due tax under new regime

E-calculator is launched by the IT department for individuals to calculate their tax due if they apply for the new tax slabs, without claiming deductions and exemptions for income tax return filing as stated in the 2020-21 budget. The E-calculator is available on the official e-filing website of the income tax department for taxpayers to compare taxes in old & new rule.

Taxpayers in three age categories below 60 years, 60-79 and above 79 years can strike in their estimated calculated income through all origins.

Under the new rule, the e-calculator takes into account eligible exclusions and deductions.

According to the new income tax rule 5% tax charged on yearly income between Rs 2.5lakh to Rs 5lakh and the tax rate rises by 5% on every 2.5 lakh addition. A normal deduction of 50,000 and investment of Rs 1.5 lakh in saving schemes with a rate of 5%, 10% and 30% depending on various income levels are granted under old and new tax rule.