Income tax calculator (2020-21), an online tool provides us an estimation of the taxable income and tax payable on providing the necessary details. It helps us to manage our taxation process as early as possible so that the due date to pay the tax don’t get affected . Overall it is a boon to the earner who care not to spend their leisure time in this tedious process of tax payments.
As per New Tax Regime a tax payer have to choose one options for the new tax slab for FY 2020-21 AY 2021-22
| Income Tax Slab for New FY 2020-21 | New Tax Rate | Existing Tax Rate |
|---|---|---|
| Upto Rs 2.5 Lakhs | Exempt | Exempt |
| Rs 2.5- Rs 5 Lakhs | 5% | 5% |
| Rs 5- Rs 7.5 Lakhs | 10% | 20% |
| Rs 7.5 -Rs 10 Lakhs | 15% | 20% |
| Rs 10 – Rs 12.5 Lakhs | 20% | 30% |
| Rs 12.5 – Rs 15 Lakhs | 25% | 30% |
| Above Rs 15 Lakhs | 30% | 30% |