New Delhi. Often tax payers have problem in calculating how a lot tax they should pay. In the just lately launched finances, a brand new tax system has been launched. This can additional confuse taxpayers. Because they now have to decide on a system from each the brand new and the previous. If you’re a taxpayer, then additionally, you will have an issue in selecting which system to pay tax. Where you’ll save extra tax. Keeping this in thoughts, the Income Tax Department has launched an e-calculator, by which it is possible for you to to estimate your tax legal responsibility with out claiming deductions and exemptions if you choose a brand new tax slab. <! –
This is a good initiative for taxpayers throughout the nation. With this, many kinds of advantages and data will likely be obtainable to these filling ITR.
How is the calculator
The Income Tax Department has introduced its e-filling web site at https://www.incometaxindiaefiling.gov.in. In it, a comparative desk is given for resident people to check taxarate in previous and new tax system. This net portal is utilized by people and numerous different classes of taxpayers for submitting Electronic Income Tax Return (ITR). Taxpayers of the three age classes of normal residents (underneath 60 years), senior residents (60-79 years) and tremendous senior residents (above 79 years) can document their estimated annual revenue from all sources. From right here it is possible for you to to check how a lot tax it’s a must to pay in each new and previous tax techniques with deductions and rebates.
What is the brand new tax system
In the brand new private tax system proposed by Union Finance Minister Nirmala Sitharaman within the finances speech on 1 February, 5 p.c tax is proposed on annual revenue between 2.5 lakh to five lakh rupees. After this, the extra revenue of each 2.5 lakh rupees will improve to 10 p.c, 15 p.c, 20 p.c and 25 p.c. Also, revenue above Rs 15 lakh will likely be taxed at 30 p.c.
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