Income Tax New Regime – Will It Save You Money? Here’s How You Can Calculate Online

With the new tax bill introduced in Finance Minister Nirmala Sitharaman’s 2020 Union Budget, the Income Tax Calculator 2020 has now become a big demand for many people. You can now opt into the new tax regime and stop claiming any taxable income deductions, or you can continue to pay multiple deductions under your existing tax schedule. If all this is confusing to you, here’s a very simple income tax calculator that will tell you whether the old tax system would be beneficial to you, or whether the new tax system is better.

This income tax calculator is launched by the government itself, so it is official. In this 2020 income tax calculator, all you need to do is enter your total annual income and the total deductions you expect to claim. Deductions include PPF, EPF, tax-saving mutual fund investments, health insurance, children’s school fees, fuel and transport reimbursements, etc. Be sure to add all of these and enter a number for your total annual deductions.

Remember, the 2020 budget is for the fiscal year starting April 1, 2020, and ending March 31, 2021, so you should enter your income based on what you expect to earn during that period.

Now you will see how much tax you will pay based on the old tax schedule and the new tax schedule. The website also shows you which of the two is better for you.

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