Top 5 Income Tax Calculator Apps

Top 5 apps to calculate your income tax | Image credit: Pixabay

Highlights

  • Finance Minister Nirmala Sitharaman presented the Union budget for the financial year 2020-2021 on Saturday, announcing cuts in income tax rates and providing big relief to individual taxpayers.
  • The Aaykar Setu app is an initiative of the Income Tax Department that helps provide quick tax calculation tools
  • The Easy Tax Calculator app can not only help you calculate the tax payable for your income but also help you file your tax return online in the ITR Filing Guide section.

Finance Minister Nirmala Sitharaman on Saturday presented the Union budget for the financial year 2020-2021. She proposed rearranging the current income tax slabs to reduce the tax burden on individual taxpayers.

In accordance with the new tax slabs, citizens earning an income between Rs 5 and 7.5 lakh will be taxed at 10%, Rs 7.5 lakh to Rs 10 lakh at 15%, Rs 10 lakh to 12.5 lakh at 20%. , Rs 12.5 lakh to 15 lakh at 25% and finally those above income of Rs 15 lakh will be taxed at 30%. On the other hand, people whose salary is less than Rs 5 lakh will not be taxed at all. However, taxpayers have the choice of sticking to the old tax slabs or opting for the new slab, which has some modifications.

Honestly, those staggering numbers can drive anyone crazy, but ultimately, we all have to deal with them to pay taxes.

What if we told you that there is an easy way to calculate income tax? Yes, several mobile apps can help you do this in minutes. Here, check out our list.

Top 5 mobile apps to calculate your income tax

  1. Income tax calculator: This provides a quick and easy way to calculate your tax in a user-friendly way. You can also choose your preferred language between English and Hindi.
  2. Aaykar Setu: This is an initiative of the Department of Income Tax that helps provide quick tax calculation tools. Taxpayers can also ask their questions to tax experts on the live chat.
  3. Easy tax calculator: The mobile app can not only help you calculate the tax payable for your income, but also help you file your tax return online in the RTI Filing Guide section.
  4. Income Tax Calculator 2017, 2018, 2019, 2020 India: Currently, the calculator is available for the fiscal year 2017-2018, 2018-2019, 2019-2020 (assessment year 2018-2019, 2019-2020, 2020-2021).
  5. Income tax calculator: Apart from the income tax calculator, this app provides information about tax savings and tax rates.

Esther L. Steinbach